facebook
twitter
rss
account
search
search
 

Norway's oil output higher than expected

Short-term production slips because of field closures.
By Daniel J. Graeber   |   June 17, 2014 at 9:24 AM   |   Comments

http://cdnph.upi.com/sv/em/upi/UPI-3401403010223/2014/1/183e492a0bdf7834e97a87c31fbe6acc/Norways-oil-output-higher-than-expected.jpg
STAVANGER, Norway, June 17 (UPI) -- The government of Norway, one of Europe's top oil producers, on Tuesday said output so far this year is 2 percent greater than anticipated.

The Norwegian Petroleum Directorate said 1.66 million barrels of oil were produced in the country last month on average. That's 13 percent lower than May 2013, but 5 percent above what it had expected for the month.

"So far this year the oil production is about 2 percent above the NPD's prognosis," the agency said in a statement.

NPD blamed the lower output for May on reduced production from the Brage, Grane, Heidrun, Oseberg and Veslefrikk fields, which are closed for routine maintenance work.

NPD said it expected its estimate of offshore reserves could grow by 7.5 billion barrels of oil during the next decade.

Norway is the largest oil producer and the third-largest natural gas producer in Europe. Most of its oil went to the United Kingdom and the Netherlands last year. It supplied members of the European Union with about 21 percent of their gas needs last year, just behind Russia.

Follow @dan_graeber and @UPI on Twitter.
Contact the Author
© 2014 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Destroyers with ballistic missile defense capability heading to Japan Destroyers with ballistic missile defense capability heading to Japan
2
Little girls drop F-bombs for feminism in new FCKH8 video Little girls drop F-bombs for feminism in new FCKH8 video
3
Brazil, Argentina to strenghten aerospace cooperation; talk Gripen deal Brazil, Argentina to strenghten aerospace cooperation; talk Gripen deal
4
Texas plant converts CO2 to baking soda Texas plant converts CO2 to baking soda
5
Warren Buffett loses $2 billion in 2 days on investments Warren Buffett loses $2 billion in 2 days on investments
Trending News
Around the Web
x
Feedback