New development projects, additional production wells and exploration in surrounding areas have helped extend the lifetime of most fields. To achieve high production and value creation in the decades to come, the NOD has identified three key strategies. First, to continue developing resources in both fields and discoveries; second, to drill more production wells; and third, to maintain a high level of exploration activity. There are more than 50 large and small projects under development, and many investment decisions are expected in the years to come; and around 40 exploration wells (same as 2024) are expected to be drilled in 2025. Of these exploration wells, 20 to 25 are in the North Sea, 10 to 12 in the Norwegian Sea and four to six in the Barents Sea. Meanwhile, interest in safe storage of CO2 on the Norwegian continental shelf is large, and it is increasing. A total of 11 permits have been awarded, for one exploitation licence and 10 exploration licences. Offers for two additional exploration licences were announced in December 2024, they are expected to be awarded in 2025. All of Norway's oil reserves are located offshore on the Norwegian Continental Shelf, which is divided into three sections: the North Sea, the Norwegian Sea, and the Barents Sea. The bulk of Norway's oil production occurs in the North Sea. New exploration and production activity is taking place further north in the Norwegian Sea and Barents Sea. STRATEGY LPA was established in 2012 with offices at Skøyen in Oslo. The company was pre-qualified in February 2013 as a partner company and in March 2023 as an operator on the Norwegian Continental Shelf. LPA has since built a portfolio of assets focusing on mature areas, following a technology and infrastructure-led strategy. LPA uses high-quality seismic data and the Group’s Rex Virtual Drilling (“RVD”) technology together with conventional seismic attributes and analysis of the petroleum systems in its exploration efforts, and to select and build a portfolio of investments in the Norwegian Continental Shelf. The licences are in oil-prolific areas that already have producing fields and pipeline infrastructure in place, allowing for a rapid path to potential commercialisation and return on investment when more oil discoveries are made in LPA’s assets. Brage Field, Norway Photo courtesy of Okea ASA 2 6 Annual Report 2024
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