Petroleum Policy Topics

Transcription

1 Petroleum Policy Topics Erik M. Dugstad Deputy Director General Presentation to OLF Tax Seminar 4th May 2012 Norwegian Ministry of Petroleum and Energy

2 Agenda introduction The White Paper: An industry for the future The White Paper on climate change Summary Source: NPD,

3 2011 Big discoveries Annus Hurrabilis Source: Teknisk Ukeblad 3

4 New optimism Source: NPD/Aftenposten 4

5 An industry for the future St.meld. 28 ( ) Presented 24th June Parliament 19th Dec. det skal utvikles en oljepolitikk med sikte på at naturressursene på den norske kontinentalsokkelen utnyttes slik at de kommer hele samfunnet til gode ST. meld 25,

6 Combined efforts Olje- Ministry og energidepartementet of Oil and Energy regjeringen.no/oed

7 Increased recovery Large resource potential Follow up Åm-committee We must act quickly in regards to increased recovery Industry has responsibility Olje- Ministry og energidepartementet of Oil and Energy regjeringen.no/oed

8 Increased recovery from existing fields. 8

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10 Development of discoveries 100 discoveries not developed Both old and new discoveries Profitable discoveries is being developed Fast progress and standardization Olje- Ministry og energidepartementet of Oil and Energy regjeringen.no/oed

11 Developing reserves and discoveries Approved PDOs 2011 Ekofisk Sør and Eldfisk II by ConocoPhillips: Will contribute to 40 new years of recovery from area About NOK 65 billion will be invested Includes production facilities resting on the seabed. 11

12 Potential PDOs in the North and Norwegian Sea 2012 and 2013 Source: NPD,

13 Developments require infrastructure Ongoing work on Third party access regulations Norwegian Sea Gas Infrastructure (NSGI) Pipe/LNG Snøhvit decision expected in June Positive with new infrastructure Important with a best possible solution for Barents Sea area 13

14 Exploration in opened areas Two equal licensing rounds Numbered licensing round Awards in predefined areas (APA) Framework for awards from the integrated management plans New acreage to be included in future licensing rounds Costal zone along Troms and Finmark towards Russia Eggakanten Olje- Ministry og energidepartementet of Oil and Energy regjeringen.no/oed

15 Number of exploration wellbores started 15

16 Discoveries made in discoveries made in in the North Sea 3 in the Norwegian Sea 3 in the Barents sea Increase of 357 million Sm 3 o. e. in conditional resources in discoveries Two major discoveries: Johan Sverdrup: Middle estimate of 280 mill. Sm 3 oil Skrugard: Middle estimate of 38 mill. Sm 3 oil 16

17 The two last licensing rounds show great interest in the NCS 21st licensing round The Norwegian Government has decided to award 24 production licenses. The awards include 12 production licenses in the Norwegian Sea and 12 production licenses in the Barents Sea. 22 nd licensing round Proposal for 72 blocks in Barents Sea and 14 in Norwegian Sea Awards in first half 2013 Awards in Predefined Areas 2011 round The Norwegian Government has decided to offer 60 production licenses Preparing Awards in Predefined Areas 2012 Significant increased area 48 blocks, 33 in Barents Sea 17

18 New areas Necessary for longterm value creation Last opening process in 1994 Olje- Ministry og energidepartementet of Oil and Energy regjeringen.no/oed

19 4. Opening new areas Source: NPD 19

20 Whitepaper: Norwegian Climate Change Policy Increased ambitions for power supply from shore Increased CO2-tax Cross sectoral measures and specific regulations give results 20

21 Increased ambitions for power supply from shore Assessed for large projects since 1997 Ormen Lange, Snøhvit and Gjøa Goliat and Valhall that will come into prod Examples today: Martin Linge/Hild w power from shore Edvard Grieg/Luno w gas turbines + prepared Utsirahøyden Statoil lead (Luno, Draupne, Dagny, JS) Desicion end 2012 Challenging 21

22 CO2-tax A global price on CO2 is seen as positive Offshore petroleum faces both tax and tradable credits (ETS) Today s CO2cost is fair and provides incentives for emission reductions and technology development Industry reports significant avoided or reduced emissions of CO2 Pictures by Statoil 22

23 Summary High prices give record income and record investments Increasing gas export new infrastructure Mature province, but An industry for the future Focus on recovery: A historic factor of 1.68 to PDOs Field developments: 10 PDOs in 2011, more to come Exploration: Variety and Elefants Opening processes: Barentshavet South East and Jan Mayen area 23

24 High prices a good driver 24

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