Norwegian Oil Production Down 11% in 2005

Preliminary figures from the Norwegian Petroleum Directorate for 2005 indicate that average daily production on the Norwegian Shelf dropped to around 2.5 million barrels per day in 2005, down 11% from 2.8 mbpd in 2004. Final figures will be available later in January.

The Norwegian Barents Sea holds an estimated 2.2 billion barrels of oil and 30 tcf of gas. Of these reserves, some 90% are yet to be discovered, according to an Arctic resource position paper by the WWF.

greencarcongress