NCS resource growth hits seven-year high

2021 additions top 500mn bl

Drilling on the Norwegian continental shelf (NCS) added 510mn bl oe of resources last year, the highest annual total since 2014, according to industry watchdog the Norwegian Petroleum Directorate (NPD). Wildcat wells yielded 18 oil and gas discoveries from 40 exploration wells—of which 31 were wildcats and nine appraisal bores—while two additional discoveries were made in production wells with exploration targets. The NPD expects a further 30-40 exploration wells to be drilled this year, according to its director general, Ingrid Solvberg. But it expects overall NCS spend to fall again in 2022, after approximately NOK150bn ($18bn) was invested in fields and developing discoveries in 2021—“som