Tord Lien sent clear signals to the industry that the Government will have high ambitions for Norwegian oil and gas during his speech at RWE Dea Norge’s annual event in Oslo last night.
“Success on the Norwegian Continental Shelf has been, and will remain, dependent on knowledge, capital and competence as well as companies willingness to invest. It is the belief of this Government that it is also in the companies’ best interest to drive the development in a direction that generates the highest value possible for society,” said Tord Lien, Minister of Petroleum and Energy.
RWE Dea Norge’s Managing Director Hugo Sandal was very pleased with the Minister’s signals. “We very much appreciated hearing the Minister’s thoughts and ambitions for the future of our sector. RWE Dea Norge is a company with a high activity level within exploration, development and production. We are committing to significant long term investments in Norway, which makes it very important that the Government expresses its continued support for our industry. In 2014 we have budgeted close to 5.2 billion Norwegian Kroner (700 million Euros) for exploration, development and production,” said Sandal.
RWE Dea Norge has 36 licenses on the Norwegian Continental Shelf, including operatorship of PL435 with the Zidane discovery, which is expected to enter the production phase within the next few years.
May 01, 2014; Image: Flickr