A large and growing part of the Norwegian petroleum industry is characterised by marginal profits as a result of reduced production and increased costs. Maintaining safe operation can be challenging when profitability is reduced.
A strong pressure exists to maintain production as long as possible. The producing life of many older installations has been extended beyond the original plans.
The late-life issue has been reinforced by low oil prices and various initiatives to cut costs. We see that the regulations are under challenge in a number of areas.
What must the industry do?