Statistics Norway is expecting a record €25.2 billion investment in 2014 with Norway planning to step up its attempt to maintain production on current levels.
According to Statistics Norway, total investments in oil and gas activity in 2014, including pipeline transportation, are now estimated at NOK 223.3 billion (€25.2 billion); an increase of NOK 8.2 billion compared with the estimates given in the previous quarter. Continue reading
Norway hit a new record in crude oil production this July. According to the Norwegian Petroleum Directorate (NPD), Norway registered a 5% increase compared to July last year. NPD explained, “High production from several fields ensured that oil production in July was the highest since May 2012.”
Due to this boost, it is expected that Norway will achieve its 2013 oil production goal. NPD said, “So far this year oil production is about 0.5% below the NPD’s prognosis.” This increase in oil production is due to new offshore developments in Norway, such as the Johan Sverdrup oil discovery. This was the biggest find in Norway and it contributes 3.3 million barrels of recoverable oil to Norwegian oil production. Continue reading