Norway Forges Ahead On Continental Shelf Development
The activity level in the Norwegian petroleum industry is still high. Exploration activity has the last few years increased substantially and several new discoveries are being made, says Norwegian Minister of Petroleum and Energy Terje Riis-Johansen.
Total oil production (including natural gas liquids and condensate) is estimated at 2.2 million barrels a day in 2010. This is five percent down from 2009. While oil production declines, gas production is still increasing. Gas production currently represents approximately 45 percent of total Norwegian petroleum production and is expected to amount to 105 billion standard cubic metres in 2010, Riis-Johansen says in a press release.
In 2010 the petroleum investments (including investments in exploration) are expected to reach NOK 133 billion, increasing towards 2012.
"The Norwegian supply industry depends on a high activity level on the continental shelf. The industry generates employment and spin-off effects all across the country. Eight percent of the labour force is directly or indirectly employed by the petroleum industry", Riis-Johansen said.
The total recoverable resources at the shelf amount to approximately 13.4 billion standard cubic meters oil equivalents. After 40 years of production, nearly sixty percent of the expected resources remain to be produced.
The Norwegian Government Pension Fund Global – the so-called Oil Fund is still growing, now approaching NOK 3000 billion. This is more than one million per family in Norway.
Copyright 2010, Barents Observer. All rights reserved.
Total oil production (including natural gas liquids and condensate) is estimated at 2.2 million barrels a day in 2010. This is five percent down from 2009. While oil production declines, gas production is still increasing. Gas production currently represents approximately 45 percent of total Norwegian petroleum production and is expected to amount to 105 billion standard cubic metres in 2010, Riis-Johansen says in a press release.
In 2010 the petroleum investments (including investments in exploration) are expected to reach NOK 133 billion, increasing towards 2012.
"The Norwegian supply industry depends on a high activity level on the continental shelf. The industry generates employment and spin-off effects all across the country. Eight percent of the labour force is directly or indirectly employed by the petroleum industry", Riis-Johansen said.
The total recoverable resources at the shelf amount to approximately 13.4 billion standard cubic meters oil equivalents. After 40 years of production, nearly sixty percent of the expected resources remain to be produced.
The Norwegian Government Pension Fund Global – the so-called Oil Fund is still growing, now approaching NOK 3000 billion. This is more than one million per family in Norway.
Copyright 2010, Barents Observer. All rights reserved.
See all » Events
