Norway’s end-2022 PDO race heats up

The number of projects benefitting from tax breaks is set to top 20

The final two months of the year should see a flurry of submissions of plans for development and operation (PDOs) to Norway’s Ministry of Petroleum and Energy. Firms are seeking to meet an end-of-year deadline for tax breaks introduced during fears of a Covid-influenced slump in future upstream activity in mid-2020. Three PDOs have already gone in during November and December so far, with at least another seven aiming to sneak in before the close of 2022. According to Petroleum Economist analysis, the submissions by dominant Norwegian continental shelf (NCS) producer Equinor of the Irpa and Verdande PDOs and that of Maria Phase 2 by Germany’s Wintershall Dea takes the number of projects gree