Exploration activity on the NCS has undoubtedly been profitable and created significant value for both the industry and the Norwegian State.
WEPC’s analysis of NCS exploration and appraisal activity shows that the return on exploration spend in the period since 2005 for the industry on average has been above 3 x exploration spend.
– The value creation has been positive for the oil companies and similarly, but significantly larger, for the Norwegian State, as will be shown by Anders Witteman at the Recent Dicoveries conference on May 23-24 in Oslo, Wittemann says.
– For individual companies, the exploration performance has been unevenly distributed with 10 to 20 companies accounting for most of the value creation compared to a total of more than 70 companies having been active, he continues.
Learn more at the conference that starts on Wednesday. Register here.