Copy Cats in the North Sea

If you want to see a future trend of world exploration, look no further than the Norwegian sector of the North Sea. What is happening there now gives a very good indication as to the future course of offshore oil and gas exploration trends worldwide. Like the British sector of the North Sea and the shallow water Gulf of Mexico before it, the Norwegian continental shelf (NCS) is typically becoming a mature area. Recoverable oil and gas resources on the NSC are estimated at 12.8 billion cubic metres of oil equivalents. This figure represents a 7 percent drop in the recoverable reserve estimation for last year. In order to prolong its life, the region has several options: closer co-operation with the United Kingdom to maximise cross border extraction; a change in the licensing regime to encourage exploration and maximise development in mature areas; extension of existing fields and the opening up of new areas for exploration.