Friday, January 11, 2013

Norway Expects Oil Output Decline in 2013

Norway, the world's eighth largest oil exporter, has announced that its crude output is expected to fall 4% in 2013 to 1.47 million b/d from 1.53 million b/d in 2012. The Norwegian Petroleum Directorate also said it expected gas production to fall by 7.2% to 106.5 billion cubic meters from 114.8 Bcm last year. Norway is the second largest gas exporter to Europe after Russia. The country has been experiencing output declines in oil and gas over the last decade as mature fields become depleted. In 2001, Norway produced over 3 million b/d of oil. Statoil, one of Norway's leading oil and gas companies, purchased Brigham Exploration, a major player in the Williston Basin,  for $4.4. billion in 2011. Statoil also holds a share in the Hebron field off the shore of Newfoundland.and Labrodor in Canada. Read more

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