The document discusses Norway's petroleum industry and energy sector. It notes that Norway has been engaged in offshore oil and gas extraction since 1965, and currently has 77 fields in production. It also highlights that Norway generates nearly all of its electricity from renewable sources like hydropower. The document outlines Norway's system for managing its petroleum resources, including its licensing system, taxation policies, and role of the State's Direct Financial Interest in oil and gas fields.
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The norwegian model- evolution_performance_and_benefits - copy
1. Olje- og energidepartementet | regjeringen.no/oed
The Norwegian Model: Evolution, performance and benefits
Ola Borten Moe
Minister of Petroleum and Energy
2. Olje- og energidepartementet | regjeringen.no/oed
Our largest industry
Norwegian Ministry of Petroleum and Energy| regjeringen.no/oed
3. Olje- og energidepartementet | regjeringen.no/oed
Norwegian Oil and Gas
•Activities since 1965
•77 fields in production
•Liquids production in 2012: 1,9 million bpd
•Gas sales 2012: 114,8 MSm3 o.e. gas
•8000 km of offshore gas pipelines
•Landing points in four countries in Europe
•54 companies is currently licensees on the NCS
•High exploration level: 42 wells in 2012
•Investment level 2012: 172,5 Bn NOK (30 bn USD)
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5
0
50
100
150
200
250
300
1970
1973
1976
1979
1982
1985
1988
1991
1994
1997
2000
2003
2006
2009
2012
2015
Mill. barrels o.e per day
Mill. scm o.e
Oil
Condensate
NGL
Gas
Mill. barrels/day (right axis)
44%
24%
13%
19%
Produced
Reserves
Discoveries and
IOR
Undiscovered
Norwegian Ministry of Petroleum and Energy| regjeringen.no/oed
4. Olje- og energidepartementet | regjeringen.no/oed
Renewable energy in Norway
•The world’s 6th largest hydro- power producer
•Nearly all electricity production from renewable energy sources
•67,5 % renewable energy share by 2020
Norwegian Ministry of Petroleum and Energy| regjeringen.no/oed
5. Olje- og energidepartementet | regjeringen.no/oed
State organisation of the Norwegian petroleum sector
Norwegian Ministry of Petroleum and Energy| regjeringen.no/oed
6. Olje- og energidepartementet | regjeringen.no/oed
Petroleum policy
•The petroleum resources shall be managed for the benefit of the Norwegian society as a whole
•The right to sub sea petroleum deposits is vested in the Stat
•Goal: Maximize value creation through:
–legal / licensing system
–resource management
–R&D and industrial development
•High focus and continous attention to the environment and HSE!
Norwegian Ministry of Petroleum and Energy| regjeringen.no/oed
7. Olje- og energidepartementet | regjeringen.no/oed
Key principles of the Norwegian resource management system
-Predictability, transparency and stability
-Clarity of the state’s different roles
-Striking the right balance between attracting international E&P companies and building domestic industry
-International participation
-National control
Norwegian Ministry of Petroleum and Energy| regjeringen.no/oed
8. Olje- og energidepartementet | regjeringen.no/oed
Our main activities
Opening of new areas
Awarding licences
Plan for Development and Operations (PDO)
Production
Removal
Norwegian Ministry of Petroleum and Energy| regjeringen.no/oed
9. Olje- og energidepartementet | regjeringen.no/oed
Stepwise opening of new areas
Norwegian Ministry of Petroleum and Energy| regjeringen.no/oed
10. Olje- og energidepartementet | regjeringen.no/oed
The Norwegian licensing system
•Discretionary system using the companies as agents to create maximum values
•Stepwise exploration
Nomination
Announcement
Applications
Award
Negotiations
Norwegian Ministry of Petroleum and Energy| regjeringen.no/oed
11. Olje- og energidepartementet | regjeringen.no/oed
Licencing policy – Compete & Cooperate
•Award of production licences based on
–geological understanding
–technical expertise
–financial strength
–experience with the oil company
•Oil companies compete to be awarded licence
•Awards are on non-discriminatory basis
•Plurality of ideas and internal checks and balances in a production licence
•Cooperate in the joint venture to maximize the value in the production licence
•State participation through SDFI
Norwegian Ministry of Petroleum and Energy| regjeringen.no/oed
12. Olje- og energidepartementet | regjeringen.no/oed
Government cash flow from the petroleum industry
Norwegian Ministry of Petroleum and Energy| regjeringen.no/oed
13. Olje- og energidepartementet | regjeringen.no/oed
Norwegian Petroleum Tax System
Effects of the system:
•A neutral tax system - performs well regarding net present value per dollar invested and break-even prices
•Low risk (sleeping partner) and few distortions to pre-tax economics
•Company based tax system, not project/field based (ring fence)
Norwegian Ministry of Petroleum and Energy| regjeringen.no/oed
14. Olje- og energidepartementet | regjeringen.no/oed
The State’s Direct Financial Interest (SDFI)
•The Government holds shares directly in oil and gas fields, pipelines and land-based plants
•Takes share in a production licence when awarded. Receives revenues and pays cost as any other company in the licence.
•Net cash flow from the SDFI portfolio is transferred to the Government Pension Fund – Global
Norwegian Ministry of Petroleum and Energy| regjeringen.no/oed
15. Olje- og energidepartementet | regjeringen.no/oed
Petoro AS
•A 100 % government owned limited company
•Business manager of the SDFI portfolio
•Relatively small – around 70 employees
•No dividends, no tax liability
Norwegian Ministry of Petroleum and Energy| regjeringen.no/oed
16. Olje- og energidepartementet | regjeringen.no/oed
Norwegian Ministry of Petroleum and Energy| regjeringen.no/oed
17. Olje- og energidepartementet | regjeringen.no/oed
Norwegian Ministry of Petroleum and Energy| regjeringen.no/oed
The Government Pension Fund Global and the fiscal rule
18. Olje- og energidepartementet | regjeringen.no/oed
Pioneering achievements
Subsea to shore
New technology
Time
1985
Statpipe
1986
G.faks
1993
Sleipner
1994
Statfjord satellites
1997
Norne
2001
Glitne
1996
Troll
1999
Åsgard
Platform-based
Subsea & floating
Significant
step changes
Snøhvit/Ormen Lange, etc.
2009+++
Ekofisk
Source: Statoil
Norwegian Ministry of Petroleum and Energy| regjeringen.no/oed
19. Olje- og energidepartementet | regjeringen.no/oed
The Norwegian supply and service industry today
19
Total turnover
Norway
International turnover
Total turnover, Norwegian supply industry 2011
(bill. USD)
62
36
26
Norwegian Ministry of Petroleum and Energy| regjeringen.no/oed
20. Olje- og energidepartementet | regjeringen.no/oed
Norwegian Ministry of Petroleum and Energy
A Parallel and Active Commitment
Norwegian Ministry of Petroleum and Energy| regjeringen.no/oed
21. Olje- og energidepartementet | regjeringen.no/oed
Integrated Management Plans
•Integrated management plans for all the Norwegian seas.
•Updated ever 4. years
•Based upon facts
•Provides a basis for coexistence between industries, environment and management of natural resources
•Provides a stabile framework for the petroleum industry
Norwegian Ministry of Petroleum and Energy| regjeringen.no/oed