Norway's oil & gas exploration has dropped around 50% this year
I should clarify ... the number of exploration wells drilled in 2020 is projected at 30, from 57 last year.
- That's according to the Norwegian Petroleum Directorate (NPD).
Reuters carried the info on Tuesday ICYMI, link here.
NPD citing the usual reasons:
- decline in demand for oil
- lower prices
have led oil companies to reduce their exploration budgets for the year and postpone a number of exploration wells