| Norway Oil Industry News |
Norway has an advanced economy which has benefited
from the exploitation of its hydrocarbon industry. In 2004, the country
had a gross domestic product (GDP) of $250 billion, and a per-capita
GDP, $40,000, which is one of the highest in the world. Norway’s
economy is highly dependent on its offshore oil and natural gas sector,
which is its primary source of revenue and the largest contributor
to their GDP.
Norway has the largest proven
oil reserves in Western Europe. All
of
Norway’s
oil reserves are located offshore on the Norwegian Continental Shelf
(NCS), which is divided into three
sections; the North Sea, the Norwegian Sea and the Barents Sea. The
bulk of Norway's oil production occurs in the North Sea. There is
no current production and little exploration activity in the Barents
Sea, due to high costs
and environmental concerns. However, it is believed that the Barents
Sea could contain sizable oil and gas reserves, and the Norwegian
government has begun to grant licensing blocs in the area.
The largest oil field in Norway is the Troll complex,
operated by Norsk Hydro. Other important
fields include Ecofisk (ConocoPhillips), Snorre (Statoil), Oseberg
(Norsk Hydro), and Draugen (Shell). Statoil controls the largest
total oil production with 17
fields. The second-largest producing company in Norway is Norsk Hydro.
ConocoPhillips is the largest foreign oil producer
in the country, followed by ExxonMobil
and BP (121,000 bbl/d). Current emphasis is gocused
on increasing production from existing projects, including smaller
satellite fields. |
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| Current Norwegian Oil Industry
News |
Updated :
The excluded companies are Africa Israel Investments, Danya Cebus Ltd and Samling Global Ltd. The ministry said that the oil fund has already sold all its holdings in these companies. The central bank-managed fund ...
Publ.Date : Mon, 23 Aug 2010 23:14:00 GMT
Norway’s sovereign wealth fund, the world’s second largest, snapped up bonds from debt-ridden southern European countries to tap into higher yields. “We have actually increased our exposure,” said ...
Publ.Date : Fri, 13 Aug 2010 13:46:00 GMT
The world's first large-scale floating windmill being anchored in Norway in June 2009. (Credit: Oyvind Hagen / Statoil) A group of scientists and engineers in Norway are testing a flotation device that ...
Publ.Date : Thu, 19 Aug 2010 19:23:00 GMT
LONDON -(Dow Jones)- The following table lists unplanned and planned outages at U.K., Norwegian and Danish oil and natural gas fields and processing plants in 2009 and 2010, as reported by Dow Jones Newswires from ...
Publ.Date : Mon, 23 Aug 2010 11:11:00 GMT
Norway's Finance Ministry says the country's oil fund has divested from two Israeli companies involved in building settlements in the West Bank. The ministry said Monday that the 2.8 trillion kroner ($440 billion ...
Publ.Date : Mon, 23 Aug 2010 15:29:00 GMT
Sept. 2 (Bloomberg) -- Norway’s economy won’t see an “appreciable upswing” for two years as sluggish growth in the U.S. and austerity measures in Europe hamper the oil exporter’s sales abroad, the country ...
Publ.Date : Thu, 02 Sep 2010 11:21:00 GMT
Norway, the world’s second-biggest gas exporter, will need to make significant discoveries to maintain output at today’s pace after 2020, the head of the nation’s gas pipeline and processing company ...
Publ.Date : Tue, 24 Aug 2010 16:54:00 GMT
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| Norwegian Oil & Gas Industry
Links |
United States Government
United States Department of Energy - Energy Information Administration
- Country Brief - Norway
CIA
World Factbook on Norway
U.S.
State Department's Consular Information Sheet - Norway
Governmental Agencies
Norwegian Petroleum Directorate (NPD)
Norwegian Ministry of the Environment
Norwegian Water Resources and Energy Directorate
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