Predicts Norwegian oil to new heights – Aftenposten

– The oil industry in Norway is not dead. We will reach new heights.

In a gloomy oljetid this is the good news from adm. Director Jarand Rystad of consulting Rystad Energy.

He performed it on Industry Conference 2015 organized by the trade organization Norwegian Industries in Oslo Tuesday afternoon.

Rystad predict that oil prices will rise, but the way back is tougher and more painful than in any of the previous periods of low oil prices.

– Oil production in Norway will increase over the next 10 years. This is consistent with the NPD’s forecasts, says Rystad.

In this case, turn it up again after Norwegian oil production is roughly halved since 2000, measured in tonnes.

Norwegian fields is good

Rystad put forward figures in long rows showing that Norwegian oil fields are competitive in the global oil market.

– Norway has deep fields with high pressure and light oil, he said.

This means that they are doing well against competing field in terms of production costs.

– Norway may have a viable and sustainable oil industry for many generations to come. The activity will also remain well above the short term, especially because of the Johan Sverdrup field, said Rystad.

He is also optimistic on behalf of Norwegian gas. Production in Europe is declining, including in the Netherlands.

– We can get acute need for more Norwegian gas, said Rystad.

Predicts oil prices up again

Rystad also showed figures for excess production capacity for oil now and previously. Again he had good news for Norwegian oil people.

The spare capacity in oil production is now around 2 per cent, compared with 25 percent under the low oil prices in the 1980s.

– The situations are much tighter now, he said.

Rystad predicting global drilling activity and less shale oil from North America in the coming years. It will help ensure that the demand is higher than production capacity already in late 2015.

Then something must happen to create balance.

– The price of oil will come up again, said Rystad extension the figures for capacity and demand.

Better for industry

Higher prices may mean better days for a troubled supplier. The demand for the full range of goods and services Norway can offer for oil and gas operators will follow prices and production upwards again.

– The global offshore market will take up strongly again during 2-3 years, says Rystad .

Here, Norway assert themselves well against the background of many years of development of technology.

Norske offshore industry will be competitive in many years to come, says Rystad.

Published: 05.mai. 2015 4:52 p.m.