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Norwegian oil and gas sector not looking good

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According to experts, the Norwegian oil and gas industry have a bleak outlook for 2015.

Sector analysts Wood Mackenzie warned that cuts in oil and gas exploration will be large, following the drastic price drop in oil in recent months.

Dr Malcolm Dickson, Principal North Sea Analyst for Wood Mackenzie said: “…2014 was actually a lack lustre year for exploration. Despite 44 exploration wells being drilled, there were only four discoveries that we would class as commercial – or likely to be developed”.

Creating value from deals done in 2014 would be more of a challenge this year, according to the research.

 

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