The average estimated oil recovery factor worldwide is about 35%. World-class technology and engineering at the fields on the Norwegian Continental Shelf has improved this substantially to an average recovery factor of 46%, in accordance with currently approved plans. The Norwegian oil industry is also the most carbon efficient in the world.
International Growth Despite The Downturn
A new report by Menon Business Economics reveals that the Norwegian-based supply and service industry has strengthened its international market position, despite the global financial crisis. From 2007 to 2009, the industry’s international turnover increased from NOK 95 billion to NOK 118 billion, with the average Norwegian share in international offshore markets rising from 12% to 14%.
Angola: Growing Market for Subsea Suppliers
Last year, Angola passed Nigeria as the biggest oil producer south of the Sahara. Norwegian companies have been present in Angola for decades and are targeting this growing market with their subsea expertise to help the African nation recover its deepwater petroleum resources.
Growing Australasian Market
The Australasian region is considered the largest growing international market for Norwegian offshore suppliers. Among some of the key drivers are export of drilling rig and FPSO equipment to Asian shipyards, subsea deliveries to deepwater field developments offshore Australia, and China’s growing energy demand.
New agreement with Petrobras opens doors
Innovation Norway signed an unprecedented agreement with Petrobras in August to cooperate on technology in the petroleum and maritime sectors. The deal is expected to open up doors for Norwegian companies, particularly smaller niche actors, eager to tap the growing Brazilian market.
An Adventure Through The Milestones of the First 40 years
The Ekofisk field was first discovered 40 years ago. This discovery marks the start of Norway's status as an oil nation. In this article you will receive an initial historical summary as well as a quick review of some of the milestones during the past 40 years.
Nofo Challenges Industry To Find Oil Spill Solutions
There has been an increasing focus on oil spill preparedness in the wake of the Deepwater Horizon accident in the Gulf of Mexico earlier this year. The Norwegian Clean Seas Association for Operating Companies (NOFO) has been challenging technology suppliers around the world to come up with new solutions via its development technology programme Oil Spill Response 2010.
Squeezing Out The Last Drops
Improved oil recovery has increasingly become a hot topic for the ageing Norwegian Continental Shelf (NCS). A new government-commissioned report in September outlined 44 ways to improve oil recovery. Petoro, the largest manager of the Norwegian license portfolio assets, has even launched a new strategy that focuses on squeezing out the last drops.
The Safe Harbour For Investment
Norway is unique. The country has the second largest GDP per capita in the world and has fared better than most through the recent financial crisis. While others have struggled with large budget deficits, falling GDP, and high unemployment, the country has emerged early from a mild recession with relatively low unemployment. Norway owes its success to its massive petroleum wealth, combined with prudent fiscal management and strong policy response to curb the effects of the global financial crisis.
International Success & Design Are Closely Linked
Design is one of the keys to international success. A number of surveys have shown that companies using design as a business tool are more likely to achieve international success than companies that are not.
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