The Norwegian government has today presented its national budget for 2016. In it, among other things, the Government proposes to allocate NOK 173 million ($21.03M) for offshore seismic surveys.
A major part of the sum would be used to map the Barents Sea and obtain information about the geology of the area.
“It is believed that there are substantial remaining resources of oil and gas in the Barents Sea. The survey will help to increase activity and employment in the north. Mapping of these areas is also important to highlight the presence in the north and to safeguard national interests,” said Tord Lien , Minister of Petroleum and Energy of Norway.
Furthermore, the Government has proposed that NOK 155 million ($18.9M) be invested in the DEMO 2000 program.
DEMO 2000 is a program that provides funding for projects aiming to develop new technologies useful for the country’s oil and gas industry i.e. for cost reduction, increased efficiency, lower emissions and improved overall performance on the Norwegian Continental Shelf.
To date, more than 130 projects have been approved by the Steering Committee. The DEMO 2000 support has triggered supplementary funding from oil companies and from the contractors themselves to a total financing in excess of NOK 1,8 billion.
“This is a targeted measure that will directly curb the decline in employment, particularly among engineers in the oil service companies.”
“In the longer term these initiatives will contribute to more cost-effective operations on the Norwegian Continental Shelf and strengthen the industry’s international competitiveness,” says Minister Lien.
Offshore Energy Today Staff