Investments surge on British shelf

Innovation Norway in London has mapped out the expected oil and gas investments on the British shelf for the next four years in a report commissioned by the Norwegian Ministry of Oil and Energy

14/07/2005 :: The study, which was carried out over several years, shows a substantial increase in projected investments compared with last year's estimates.

The report shows that in the next three years there is potential for developing 92 new fields on the British shelf with estimated reserves at 5.7 billion barrels of oil. This is 20% more than last year’s estimates.

Development figures indicate investments worth NOK 40-50 billion in every year for the next four years, which is 14% higher than last year’s estimates.

The six big actors, which make up 70% of the investments, are BP, Conoco-Phillips, Total, ChevronTexaco, Shell and Nexen.

More than half of the development investments involve underwater projects. Removing installations is a growing activity with seven installations to be removed next year, and 16 in 2007. The cost of removing installations on the British shelf are expected to reach NOK 200 billion.

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