{"id":8746,"date":"2018-12-06T00:00:00","date_gmt":"2018-12-06T00:00:00","guid":{"rendered":"https:\/\/www.westwoodenergy.com\/no-technology-silver-bullet-for-norways-oil-gas-industry-westwood\/"},"modified":"2022-09-07T02:52:56","modified_gmt":"2022-09-07T01:52:56","slug":"no-technology-silver-bullet-for-norways-oil-gas-industry-westwood","status":"publish","type":"post","link":"https:\/\/www.westwoodenergy.com\/news\/no-technology-silver-bullet-for-norways-oil-gas-industry-westwood","title":{"rendered":"\u201cNo Technology Silver Bullet for Norway\u2019s Oil &#038; Gas Industry\u201d &#8211; Westwood"},"content":{"rendered":"<p>&nbsp;<\/p>\n<p><strong><em>For immediate release<\/em><\/strong><\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong><em>(Aberdeen, UK) \u2013 Thursday 6<sup>th<\/sup> December 2018<\/em> \u2013\u00a0<\/strong>No single technology will provide a \u201csilver bullet\u201d to the challenges faced by Norway\u2019s oil &amp; gas industry, according to a new report out today from research consultancy, <a href=\"https:\/\/www.westwoodenergy.com\">Westwood Global Energy Group<\/a> (Westwood). It says that future exploration success depends upon better integration of all data across geoscience disciplines.<\/p>\n<p>Norway faces sizeable challenges due to increased basin maturity and decreasing average discovery sizes. The industry has been searching for technologies that can decrease cycle time and increase success rates in order to increase efficiency.<\/p>\n<p>Today\u2019s report is the result of a four-month research project for the <a href=\"http:\/\/www.npd.no\/en\/\">Norwegian Petroleum Directorate<\/a> (NPD), which examines whether advances in exploration technology and geosciences could increase exploration efficiency on the Norwegian Continental Shelf (NCS). The research examines several technologies including quantitative seismic analysis and electromagnetic techniques as well risk and uncertainty analysis and new ways of working.<\/p>\n<p>It concludes that:<\/p>\n<ul>\n<li>Whilst technical success rates are improving, commercial success rates have decreased. However, the industry is getting better at finding small accumulations.<\/li>\n<li>The industry continues to overestimate success case volumes.<\/li>\n<li>The right technologies applied correctly and integrated effectively across disciplines can make an impact. Attention to detail and integration of data, analysis and interpretation from all sources are essential.<\/li>\n<\/ul>\n<p>Westwood\u2019s report made several recommendations including the creation of industry guidelines to provide consistent techniques for estimating prospect chances of success. It also urges greater data sharing across the Norwegian industry (oil companies, service companies and regulators) and with other regions including UKCS.<\/p>\n<p>A selection of the findings was presented today (5<sup>th<\/sup> December) to oil and gas executives as part of an NPD Exploration Technology Seminar in Valhall, Norway.<\/p>\n<p><strong>Graeme Bagley, Associate, Global Exploration Research at Westwood Global Energy Group, says: <\/strong>\u201cOur analysis shows that there are no silver bullets when it comes to technology.\u201d<\/p>\n<p>\u201cIntegration is key. We know, for instance, that the availability of high quality, high resolution seismic data has led to new understanding of depositional systems. Integration of seismic with outcrop, well and production data has opened up at least one new play on the NCS.\u00a0 Attention to detail and integration of data from all sources is key.\u201d<\/p>\n<p>The full report is available by visiting the website on: <a href=\"https:\/\/www.westwoodenergy.com\/westwood-global-energy-npd-exploration-technology-and-exploration-performance-offshore-norway\/\">https:\/\/www.westwoodenergy.com\/westwood-global-energy-npd-exploration-technology-and-exploration-performance-offshore-norway\/<\/a><\/p>\n<p>&#8211; Ends \u2013<\/p>\n<p><strong>Issued on behalf of Westwood Global Energy Group by Flourish PR Ltd<\/strong><\/p>\n<p><strong>For all media enquiries or to arrange an interview please contact: &#8211;<\/strong><\/p>\n<p>Flourish PR Press Office<\/p>\n<p>Flourish PR Ltd<\/p>\n<p>Tel: 01628 882 610<\/p>\n<p>Email: <a href=\"mailto:press@flourishpr.co.uk\">press@flourishpr.co.uk<\/a><\/p>\n<p><a href=\"http:\/\/www.flourishpr.co.uk\">www.flourishpr.co.uk<\/a><\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>Notes to Editors<\/strong><\/p>\n<p><strong>Report Methodology<\/strong><\/p>\n<p>Westwood\u2019s research for the NPD was carried out between January and April 2018. To prepare the report, <a href=\"https:\/\/www.westwoodenergy.com\/\">Westwood Global Energy Group<\/a>\u2019s consulting team conducted and analysed a wide variety of primary and secondary research. These sources included: well data and results from NPD; interviews with 80 staff from operators and service companies; papers and presentations from a wide variety of sources including operators.\u00a0 These were underpinned with unique intelligence and analysis from Westwood\u2019s proprietary <a href=\"https:\/\/www.westwoodenergy.com\/research\/wildcat\/\">Wildcat<\/a> and <a href=\"https:\/\/www.westwoodenergy.com\/research\/atlas\/\">Atlas<\/a> subscription services to give a multi-layered, detailed and geoscientific view of prospects and opportunities on the NCS.<\/p>\n<p><strong>About Westwood Global Energy Group (Westwood)<\/strong><\/p>\n<p>Westwood Global Energy Group is a leading provider of research, data analytics and consulting services to the global energy industry. Whilst we focus primarily on intelligence and insight for the worldwide exploration and oilfield services markets, our coverage also extends to the offshore renewables and power generation markets. Our analysis is independent, comprehensive and based on deep sector knowledge.<\/p>\n<p>Westwood Global Energy was formed in January 2015 by Energy Ventures, an energy specialist private equity firm with a vision to build a leading player in the business intelligence and data analytics space.\u00a0 Following an active period of acquisitions, the group has combined the operations of Hannon Westwood, Richmond Energy Partners, Novas Consulting, Douglas-Westwood, Energent Group Software LLC, RigLogix, and JSI Services.\u00a0Westwood Global Energy Group is headquartered in Aberdeen and has offices in London, Houston and Singapore.<\/p>\n<p>To learn more, please visit www.westwoodenergy.com<\/p>\n<p>&nbsp;<\/p>\n<p>Image courtesy of &#8211;\u00a0PGS Ramform Hyperion<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; For immediate release \u00a0 (Aberdeen, UK) \u2013 Thursday 6th December 2018 \u2013\u00a0No single technology&#8230;<\/p>\n","protected":false},"author":1,"featured_media":9650,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[353,347,337,48,50,335,334,336,325],"tags":[58,139,136,134,137,135],"class_list":{"0":"post-8746","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all_articles","8":"category-exploration-and-production","9":"category-global-ea-subsectors","10":"category-news","11":"category-press-releases","12":"category-sectors","13":"category-solutions","14":"category-subsectors","15":"category-wildcat","16":"tag-exploration","17":"tag-geoscience","18":"tag-ncs","19":"tag-norway","20":"tag-npd","21":"tag-technology"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>\u201cNo Technology Silver Bullet for Norway\u2019s Oil &amp; 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