Norway’s 2010 Petroleum Output to Fall

17 January 2010 (Last Updated January 17th, 2010 18:30)

Norway's petroleum (oil and gas) production is expected to fall to 236 million cubic metres of oil equivalent this year compared with 238.6 million cubic metres produced in 2009, according to the Norwegian Petroleum Directorate (NPD). Petroleum production in 2014 is forecast to decline

Norway's petroleum (oil and gas) production is expected to fall to 236 million cubic metres of oil equivalent this year compared with 238.6 million cubic metres produced in 2009, according to the Norwegian Petroleum Directorate (NPD).

Petroleum production in 2014 is forecast to decline to 223 million cubic metres, with total petroleum produced from 2010 to 2014 expected to be 1.14 billion cubic metres.

In 2010, oil production is estimated to fall to 108.7 million cubic metres from 115.5 million cubic metres produced in 2009 and 122.7 million cubic metres in 2008.

The production decline is attributed to uncertainty associated with drilling new development wells, their ability to deliver and the regularity of the fields in operation.

Oil production from 2010 to 2014 is expected to be 491 million cubic metres, which represents a 160m³ decrease compared with the preceding five-year period.

Fields approved for development and fields in operations are likely to account for 99% of oil production during 2010 to 2014, according to the NPD.