Norway oil production dropped in 2007

Norway produced only 128.5 million standard cubic metres of oil in 2007, dropping from a 2006 total of 136.7 million, reports

The Norwegian Petroleum Directorate said numbers are expected to decline even more in 2008, with a total of around 118 million standard cubic metres predicted. This figure is comparable to around 2.03 million barrels per day, compared with the 2007 figure 2.21 million barrels per day and 2006 numbers at 2.36 million barrels per day. Norway is the fifth-largest oil exporter in the world.

The directorate stated: “Higher oil prices have led to significant increases in both activity and cost levels. Continued growth in total investment costs is expected.”

Meanwhile, Norway retained its status as the largest gas exporter in Western Europe, with sale numbers at 89 billion standard cubic metres last year, a jump up from the 2006 figure of 87 billion. The 2008 numbers are predicted to increase to around 99 billion.

“Total production is expected to stay at today’s level for the next 10 years,” Aaslaug Haga, oil and energy minister, said. “We will see growth in gas sales and a fall in oil production.”