Exploration Activity Offshore Norway Plunges After Oil Price Crash

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,…