"The petroleum sector is Norway's most important industry, and benefits the entire country," Petroleum and Energy Minister Ola Borten Moe said in a statement Tuesday.
His ministry expects the country will produce 1.8 million barrels of crude oil, natural gas liquids and condensate per day in 2014. Gas production should reach 3.7 trillion cubic feet for the year.
The ministry said the economy should reap approximately $57.3 billion in net cash from the petroleum industry this year. More than half of that is from taxes imposed on the industry. The industry itself should sink $32.8 billion into Norway next year.
"A large proportion of current investment goes toward ensuring production in existing fields and smaller fields that are dependent on existing infrastructure," the minister said. "Investing while infrastructure is available is good resource management."
Norway estimates its continental shelf holds 88 billion barrels of total petroleum reserves, a 6 percent increase from last year's estimate.
Norway is one of Europe's leading oil and natural gas producers.
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