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Smart Assets Through Digital Capabilities
Abstract
The history of oil and gas (O&G) production on the Norwegian Continental Shelf (NCS) dates back to the early 70s and began with the discovery and subsequent development of the great Ekofisk asset in 1969. Ever since, North Sea has been an attractive region, and Norway in particular has been a major supplier of O&G to the world energy market. The remaining production prospect on the Shelf is also said to be substantial and the more recent estimates indicate that it is equivalent to twice the already produced amount. However, a major part of the Norwegian O&G production portfolio will approach maturity by 2007/2008. Both declining production and marginal discoveries have given a clear indication that the Norwegian O&G industry will undergo a series of significant challenges during the next few years. These critical issues, in conjunction with volatile business environment, have brought a major turning point demanding immediate steps to enhance operational efficiency and to reduce operating risk in offshore exploration and production (E&P) activities on NCS.
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