[oddone]

From a Norwegian business newspaper:

"Several brokers think that Statoil will miss their production target for next year by a wide margin"

"Zero excess capacity on the supply side is becoming a major headache for the oil companies. Hydro have missed their production targets last year and this year. Several oil brokers now predicts that the same is happening to Statoil."

"A broker say that he has become much more pessimistic, and do not think Statoil will reach their 2007 production target."

PO Norway! The policy of the current Labour/Socialist coalition is to hold back on new licences to explore, and keep output steady. Seems like the projected production figures must have been too optimistic, and the decline a surprise to the planners in the Dept. of Oil & Energy. Not good...

[mekrob]

This is some pretty bad news. Just goes to show that even the Norwegians aren't too bright when it comes to oil. They want constant production, yet they peaked 6 years ago. Denial denial denial

[oli]

$this->bbcode_second_pass_quote('mekrob', 'J')ust goes to show that even the Norwegians aren't too bright when it comes to oil. They want constant production, yet they peaked 6 years ago.

[Starvid]

Norway will peak in all liquids (oil+gas) in just a few years, no?

But I don't think that is counting the Barents area, that's almost like a new hydrocarbon province (ever heard of Shtokman? Yes, and the Fedinskyi Hights is supposed to be three times as big).

[Zardoz]

$this->bbcode_second_pass_quote('oddone', '.')..the decline a surprise to the planners...

[oddone]

There are some areas that has been "preserved" for the future, such as the Lofoten area. New licence there will be issued earliest 2009.
In the Norwegian Sea/ Barents Sea environmental and logistical challenges will slow down the development and distribution of oil/gas production. The Russian Shtokman field is very promising, but face the same challenges as above, only more so.
I'm working in offshore exploration and we see an unprecedented increase in activity, with a lot of new capacity in progess. It is still a lot of oil to be found offshore, but the process of getting it out is long and complicated. From seismic exploration to filling your car, 5-6 years is likely.
Meanwhile we just have to wringe out what is left in excisisting fields, and decline the next few years seems inevitable.