How to save oil from offshore oil development
Posted September 29, 2018 10:00:43Oil development has been a hot topic in the offshore world recently.
And it appears that the U.S. is on the verge of seeing an unprecedented boom in oil development in the North Sea.
According to an Associated Press article, the U-Bahn has already opened an offshore development in Norway’s Barents Sea, where the Norwegian government plans to open a field.
And a new report released this week by oil consultant McKinsey says that the United States is on track to surpass the total offshore production of Saudi Arabia, the United Arab Emirates and Kuwait, which collectively account for more than 3.5 billion barrels of oil.
The United States alone produced nearly 1.5 trillion barrels of petroleum in the first six months of 2018, according to the AP article.
While many of the companies that have expressed interest in developing the U.-Bahn’s offshore oil fields are looking to expand offshore production, there are many who are focused on developing the landlocked region, where most of the oil is located.
One such company is Norwegian-based oil exploration company Oil and Gas Exploration (OGE), which has been working on plans to drill off the coast of Norway’s Bay of Aarsvik since late 2014.
The company’s new proposal involves an oil and gas field in the northern region of Fjordsnesnesund, about 70 kilometers (40 miles) northwest of Nordsborg, and the development will see it expand its operations there, according the AP.
“We will have a new field in Fjordnesund,” Oil and Geosciences Norway (OGEN) spokesman Jens Rydberg told the AP, adding that it would be a “highly significant development” and a “game changer.”
Oil and Geology Norway (OilGIS) CEO Magnus Bølle says that he believes that the proposed drilling will “significantly improve the profitability” of the Fjarkands project.
The AP report also states that the company has been developing a plan to develop the Flanders Basin offshore of the Arctic Circle.
The company has partnered with oil and natural gas producer KVF Nordland and the Norwegian Oil Development Corporation to explore for oil in the area.
According a report by OilGIS, the Flemish oil and mining industry will benefit from the proposed development.
“The Flemishes Basin will provide a significant economic benefit to the Fjeldslands region,” said OGE president and CEO Jens Bergh.
“This development will also contribute to the overall development of the area and will help the local economy to flourish, especially in the Førslands.”
The Flanders region is home to a total of six oil and mineral fields in the Arctic region, according Norwegian Oil Industry Minister Morten Brøndby.
The Flemings Basin is the largest oil and minerals deposit in the region and is considered a key development site in the future of the region, he told the Norwegian Broadcasting Corporation (NRK).
The Norwegian Government also supports the company’s plans, as the company plans to spend $20 billion on oil exploration and development in Flanders, Brødby said.