It’s that time of year again. The time when we wonder where the year has gone (already!), and we look forward to the fresh, new year with high expectations and perhaps a few resolutions. I’ve always enjoyed that backwards-forwards feeling, and in this issue I think we’ve made the most of it.

The 2004 Industry Forecast, which also takes a look what has happened this year, places the Norwegian oil and gas industry at a crossroads, while shedding an optimistic light to brighten the perspective. The Financial Market Forecast for the upcoming year describes how independent players can perform an important role in the future.

We also include a forecast from another perspective. We have the honour of presenting the Organization of the Petroleum Exporting Countries’ (OPEC) point of view concerning the future oil supply picture – in the short, medium and long term – written by HE Dr. Alvaro Silva-Calderón, Secretary General of OPEC.

If you find that a good metaphor really helps get the point across, be sure to check out how the workings of the DNA molecule can be compared to the way corporations operate. More concrete, but just as important, is how corporations will be required to meet International Financial Reporting Standards (IFRS) by 2005. Our last business analysis describes a kind of convergence: the oil companies are beginning to appear more like energy companies, offering power and market services.

If your tastes run more towards the technical, and subsea projects in particular, we have you covered too. Ormen Lange, as it approaches the end of its planning phase, is an awe-inspiring project that promises to be one to watch for many years to come. Subsea data acquisition technology is another topic covered in this issue. It is now possible for subsea operators to receive well data in quantities and at rates that rival on-land projects. The Troll field is a perennial favourite, and we have a report about how Troll has reduced CO2 emissions by receiving electricity from on-shore facilities.

This issue will be our last for looking back at our place in the history of the last 30 years in the Norwegian oil and gas adventure. We want to thank all our readers for all these years, and we look forward to many more exciting years in the future.

I think I speak for everyone here at Scandinavian Oil-Gas Magazine when I wish everyone…