The head of Norway’s oil agency has sounded the alarm over high drilling costs on the country’s continental shelf that are putting a serious restraint on its ability to tap new reserves to reverse a production decline.

At the same time, offshore operators are delaying drilling due to factors such as a lack of rig capacity and stalling on investments in technology to boost recovery, putting a further brake on reserves expansion, Bente Nyland, director of the Norwegian Petroleum Directorate (NPD), warned on Wednesday.

Read more: Upstream Online [1]