Investing in Energy: A Primer on the Economics of the Energy Industry

Norway

Oil production in Norway has been very active for more than 40 years. In recent years, North Sea oil production has reached its maturity and begun its natural decline. According to the BP Statistical Review of World Energy June 2010, Norwegian crude oil production in 1999 was 3.139 million barrels per day. In 2009, Norway produced 2.3 million barrels per day. In 2010, Norway's state-owned Statoil Hydro produced approximately 1.7 mmbpd of Norway's total 2.1 mmbpd crude oil production (according to company data at www.statoil.com). Over the last two decades, Norway's crude oil production and proven crude oil reserves have steadily declined as its fields have matured. Table 13.2 illustrates the decline in crude oil reserves among many major ...