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Report: Exploration to be slashed in half in Norway

The Norwegian Petroleum Directorate predicts a 50 percent cut in exploration activity on the Norwegian Shelf this year and attributes this development to the very low oil price.

Det globale kollaps i oliepriserne ser ud til at få store konsekvenser for efterforskningen på den norske sokkel. | Photo: Harald Pettersen - Statoil

Norwegian Petroleum Directorate has just released a particularly gloomy prediction for the exploration activity on the Norwegian Shelf.

This is evident in the Petroleum Directorate's resource report for 2016. Last year, 56 oil wells were drilled on Norwegian territory, and the number will decline to 30 this year, according to the report. Exploration director at the directorate, Sissel Eriksen, highlights the dramatic downturn in the oil price as the main reason for the plunge.

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