Norway Sees Longer Oil Era as North Sea Find Offers Hidden Giant

- August 17th, 2011

Bloomberg reports that Norway is likely to slow a decade-long slump in oil production after new oil fields were discovered in the North Sea.

Bloomberg reports that Norway is likely to slow a decade-long slump in oil production after new oil fields were discovered in the North Sea.

The market news is quoted as saying:

Norway, the seventh-biggest oil exporter, is facing dwindling production due to maturing fields. Output peaked in 2000 and may drop 6 percent this year to about 1.7 million barrels a day, according to the Norwegian Petroleum Directorate.

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