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(Bloomberg) -- Norwegian oil
production will fall 6 percent this year, its 11th annual decline, as the
world’s seventh-largest crude exporter struggles to maintain output after 40
years of pumping from aging North Sea fields.
Production will fall to 98.3 million cubic meters in 2011, or 1.7 million
barrels a day, from 104.4 million cubic meters in 2010, the Stavanger-based
Norwegian Petroleum Directorate said. Gas output is expected to rise to 109.1
billion cubic meters from 106.4 billion cubic meters, the agency said.
“The fact that the companies on the Norwegian shelf are not able to
achieve a maximum exploitation of our fields poses a challenge,” said Bente
Nyland, head of the agency, at a presentation in Stavanger. “Although our
recovery rate is among the best in the world, we are still not satisfied. If we
manage to recover just 1 percent more, this would mean revenue in the hundreds
of billions for Norway.”
mrcplast.com
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