Preface
The greatest possible values
The Norwegian Offshore Directorate's primary objective is to contribute to the greatest possible values for society from the oil and gas activities through efficient and prudent resource management, where due consideration is given to health, the environment, safety, as well as other users of the ocean.
The Norwegian Petroleum Directorate has had responsibility of all of this for more than 50 years. Today’s world is vastly different from where we started out. When we changed our name to the Norwegian Offshore Directorate on 1 January 2024 it was, in part, a reflection of the new endeavours and challenges we have taken on, not least those related to CO2 storage and seabed minerals.
Let’s focus on the future. The vast resources we still have on the NCS will help supply the energy the world needs in the years to come. In fact, Norwegian oil and gas can be a key factor in addressing very real challenges, such as secure and stable energy for Europe. At the same time, interesting new concepts such as seabed minerals and CO2 storage could possibly be developed into profitable new industries, creating enormous value and bringing important contributions to the energy transition.
A long-term perspective is one of the essential building blocks in our resource management. This report illustrates opportunities, and outlines what’s needed to make sure our shared resources continue to generate value for the broader society. We need to be aware of the significant uncertainty linked to long-term value creation and ongoing development. These are broad considerations in every sense of the word – the geopolitical situation, climate policy in the EU and worldwide, developments in the oil and gas markets and in more concrete terms, evolving technology and overall costs.
Keeping all of this in mind, our long-term assessments need to reflect this uncertainty, while standing up to scrutiny in a rapidly changing world.
Our guiding objective is to promote good choices as we stake out a course to create more value in the future. We hope this report can facilitate better dialogue, increase understanding of both challenges and opportunities on the NCS, and can thereby unlock the best path forward. Working together, for the benefit of all.
Kjersti Dahle
Director technology, analyses and coexistence
It is with great sadness that we note the passing of two of our colleagues over the past year, Dag Helliksen and Kirsti Veggeland. We want to honour their legacy by dedicating this report to them.