Slowdowns, debt crises and great uncertainty again afflict the world economy, but seem to have little or no effect on Norwegian oil industry. A record high investment level will increase further over the next three years.
"Despite world economic uncertainties, the level of activity on the Norwegian continental shelf (NCS) will be high and rising over the next few years," says chief executive of The Norwegian Oil Industry Association (OLF) Gro Brækken.
"New fields are going to be developed, and existing installations will be maintained and upgraded," Brækken says.
However, the OLF believes it will take time for the world economy growth to return to the long-term trend. Energy market developments largely reflect the general progress of the world economy, but continued buoyant activity in Asia is keeping oil prices at a relatively high level.
These considerations forms the backdrop to the business trend report for 2011 from the Norwegian Oil Industry Association (OLF), entitled Optimism in the Norwegian petroleum industry – but a gloomy outlook for the world economy.
"If we're going to maintain production on the NCS, we need improved recovery, more exploration and the opening of new areas," Ms Brækken points out. "This year's discoveries in the North and Barents Seas are all important, and encourage new commitment. However, they aren't big enough to prevent production from declining after 2020. "On its way north, the industry accordingly needs access to the anticipated resources [in the Norwegian Sea] off Lofoten, Vesterålen and Senja."