Oil and gas operators are expected to drill around 30 exploration wells offshore Norway this year—just half the number of exploration wells from last year and the lowest number in nearly a decade and a half, the Norwegian Petroleum Directorate (NPD) said in its 2020 resource report on Tuesday. The crash in oil prices and oil demand earlier this year led to operators significantly cutting their budgets, including for exploration, the Norwegian regulator said. In recent years, activity has been high, but this year’s slump in prices, budgets, and exploration activity will snap the growth in exploration. Norway has a lot of remaining resources yet to be discovered, and Western Europe’s largest oil and gas producer needs more discoveries soon if it is to sustain its oil production level after 2024. “Without new discoveries, oil and gas production could decline rapidly after 2030. New exploration technology and big data […]