For immediate release
(Aberdeen, UK) – Thursday 6th December 2018 – No single technology will provide a “silver bullet” to the challenges faced by Norway’s oil & gas industry, according to a new report out today from research consultancy, Westwood Global Energy Group (Westwood). It says that future exploration success depends upon better integration of all data across geoscience disciplines.
Norway faces sizeable challenges due to increased basin maturity and decreasing average discovery sizes. The industry has been searching for technologies that can decrease cycle time and increase success rates in order to increase efficiency.
Today’s report is the result of a four-month research project for the Norwegian Petroleum Directorate (NPD), which examines whether advances in exploration technology and geosciences could increase exploration efficiency on the Norwegian Continental Shelf (NCS). The research examines several technologies including quantitative seismic analysis and electromagnetic techniques as well risk and uncertainty analysis and new ways of working.
It concludes that:
- Whilst technical success rates are improving, commercial success rates have decreased. However, the industry is getting better at finding small accumulations.
- The industry continues to overestimate success case volumes.
- The right technologies applied correctly and integrated effectively across disciplines can make an impact. Attention to detail and integration of data, analysis and interpretation from all sources are essential.
Westwood’s report made several recommendations including the creation of industry guidelines to provide consistent techniques for estimating prospect chances of success. It also urges greater data sharing across the Norwegian industry (oil companies, service companies and regulators) and with other regions including UKCS.
A selection of the findings was presented today (5th December) to oil and gas executives as part of an NPD Exploration Technology Seminar in Valhall, Norway.
Graeme Bagley, Associate, Global Exploration Research at Westwood Global Energy Group, says: “Our analysis shows that there are no silver bullets when it comes to technology.”
“Integration is key. We know, for instance, that the availability of high quality, high resolution seismic data has led to new understanding of depositional systems. Integration of seismic with outcrop, well and production data has opened up at least one new play on the NCS. Attention to detail and integration of data from all sources is key.”
The full report is available by visiting the website on: https://www.westwoodenergy.com/westwood-global-energy-npd-exploration-technology-and-exploration-performance-offshore-norway/
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Notes to Editors
Report Methodology
Westwood’s research for the NPD was carried out between January and April 2018. To prepare the report, Westwood Global Energy Group’s consulting team conducted and analysed a wide variety of primary and secondary research. These sources included: well data and results from NPD; interviews with 80 staff from operators and service companies; papers and presentations from a wide variety of sources including operators. These were underpinned with unique intelligence and analysis from Westwood’s proprietary Wildcat and Atlas subscription services to give a multi-layered, detailed and geoscientific view of prospects and opportunities on the NCS.
About Westwood Global Energy Group (Westwood)
Westwood Global Energy Group is a leading provider of research, data analytics and consulting services to the global energy industry. Whilst we focus primarily on intelligence and insight for the worldwide exploration and oilfield services markets, our coverage also extends to the offshore renewables and power generation markets. Our analysis is independent, comprehensive and based on deep sector knowledge.
Westwood Global Energy was formed in January 2015 by Energy Ventures, an energy specialist private equity firm with a vision to build a leading player in the business intelligence and data analytics space. Following an active period of acquisitions, the group has combined the operations of Hannon Westwood, Richmond Energy Partners, Novas Consulting, Douglas-Westwood, Energent Group Software LLC, RigLogix, and JSI Services. Westwood Global Energy Group is headquartered in Aberdeen and has offices in London, Houston and Singapore.
To learn more, please visit www.westwoodenergy.com
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