Norway Sees Longer Oil Era as North Sea Find Offers Hidden Giant
Investing News Network - 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.