Operators seeking to cut costs defer or cancel $50 billion in oil and gas project investment on the Norwegian Continental Shelf, Wood Mackenzie finds. Wood Mackenzie estimated a $50 billion decline between 2016 and 2020 in investment in oil and gas projects on the Norwegian Continental Shelf (NCS) as companies defer and cancel projects to cut costs. More than 10 projects have been deferred or scrapped as companies seek lower cost solutions, either from cheaper market rates or different development options, said Malcolm Dickson, principal analyst for upstream oil and gas for Wood Mackenzie, in an Aug. 29 press statement. Projects that have been deferred and optimized include Johan Castberg , the Snorre Expansion, and Trestakk, Dickson told Rigzone in an email statement. Oil and gas companies are seeking to cut costs through project optimization, mainly through lower cost drilling techniques, scaling down vessel spec and moving from large […]