The global population is growing and more and more people aspire to an improved standard of living. The world therefore needs more energy. The International Energy Agency (IEA) believes that we will be dependent on fossil-based energy for many years to come.

One of our main tasks is to ensure energy supply. But even though we are making many new discoveries on the Norwegian continental shelf, these cannot replace the shortfall from major fields.

Oil production on the Norwegian shelf has fallen by 30% since 2000, and the overall production of oil and gas here is expected to decline from 2015 onwards.

The Norwegian Petroleum Directorate estimates that only 40% of the oil and gas on the Norwegian shelf has been produced, and that resources are more or less equally distributed throughout the three marine areas. In the North Sea half has been produced; in the Norwegian Sea less than a quarter; while in the Barents Sea the oil and gas story has just begun, with the gas field that has been appropriately named after a fairy-tale princess, Snøhvit or Snow White.

The Norwegian Petroleum Directorate estimates that in 20 years time 40% of the production on the Norwegian continental shelf will come from resources that are as yet undiscovered. No new exploration acreage has been opened on the Norwegian continental shelf since 1994. We believe we can make discoveries in places that we have not yet explored.