RWE gets new work offshore Norway

Jan. 22, 2013 at 7:18 AM
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OSLO, Norway, Jan. 22 (UPI) -- A subsidiary of German energy company RWE Dea announced it will serve as the operator of two offshore production areas on the Norwegian continental shelf.

RWE Dea Norge said it will serve as the operator of two license areas, bringing its total operatorship offshore Norway to seven. The company said it views the opportunities offshore Norway as "very promising."

"With these new licenses we will strengthen our position in two of our core areas, whilst also consolidating and further developing our standing as a long-term player in Norway," RWE Dea Norge Managing Director Hans-Joachim Polk said in a statement.

RWE Dea Norge said 2012 was a successful year for its work offshore Norway. It expects 2013 to be "very active" in the region, with additional wells planned.

Norway is the largest oil producer in Europe and the second-largest exporter of natural gas after Russia. Production is expected to decline this year but rebound in 2014.

The Norwegian Petroleum Directorate said a survey of undiscovered resources and new discoveries prompted it to increase the offshore reserve estimate nearly 4 percent to 480 billion cubic feet of oil equivalents.

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