Giant oil field will give a significant boost to Norway’s oil sector

PMI has grown up with the oil industry. In 1969, we emerged in the underwater market by introducing the helical wire concept for use on underwater cables. And today, we offer full-service engineering from concept to production, cable hardware and kits, custom cable systems and simulated at-sea testing services.

The recent trend in oil prices casts a shadow of uncertainty on many industries like ours across the globe. But news of a Norwegian oil field has us all perking up a bit.

The Ministry of Petroleum and Energy has given the go ahead on the development and operation plan of the oil group Statoil for Johan Sverdrup field. It’s the fifth largest oil field to ever be found off the Norwegian cost. And it looks as if it is expected to generate $200 billion in revenues within the next 50 years and create 51,000 direct and indirect jobs, which is especially important for Norway – not to mention the entire oil industry — these days.

Read more about our thoughts on Oil and Gas Exploration.

Read more about Norway’s Development of Largest Oil Field.