Major Oil Projects To Be Reviewed

In response to the significant problems experienced on some recently completed development projects on the Norwegian Continental Shelf, Minister of Petroleum and Energy Ola Borten Moe has asked the Norwegian Petroleum Directorate to review certain major projects.

“Recently, we have experienced considerable problems in certain projects on the Norwegian Continental Shelf, including Yme. Accordingly, I have today asked the Norwegian Petroleum Directorate to undertake a review of some of the major development projects completed on the Norwegian Continental Shelf. My aim is to help improve the transfer of experience between licensees  and reduce the risk of repeating mistakes,” says Minister of Petroleum and Energy Ola Borten Moe.

The management of Norway’s petroleum resources is based on the governing principle that companies have a clear responsibility for development and operation, while the authorities are responsible for providing a regulatory framework.

“Responsibility for the successful completion of projects on the Norwegian continental shelf lies with the operators and the licensees. The authorities develop the regulatory framework, and do not participate in the development of commercial projects. It is important that this division of roles is maintained,” says Minister of Petroleum and Energy Ola Borten Moe.

The Norwegian Petroleum Directorate has been mandated to review development projects that have begun, or were scheduled to begin, production recently and that have an investment scope of more than NOK 10 billion. The review shall include all projects with development plans approved in the years 2006 to 2008. Based on the review, and subject to the current division of roles, the Ministry of Petroleum and Energy will consider whether changes are needed

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