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Norway sees lower oil output but increased revenues
OSLO
Petroleumworld.com, May 16, 2008The Norwegian government forecast Thursday a drop in oil production for this and coming years but said energy sector revenues would nonetheless rise owing to record high prices.
"Total oil production (including natural gas liquids and condensate) is estimated at 2.4 million barrels per day in 2008," compared to 2.5 million in 2007, the oil and energy ministry said in a statement.
"Oil production is expected to continue to decrease gradually in the coming years," it added."Due to high oil prices, the state's net cash flow from the petroleum sector" will reach record levels of 356 billion kroner (70.22 billion dollars) in 2008, equal to about 32 percent its total income and an increase of about 40 billion kroner from 2007.
That figure corresponds to 80,000 kroner for every Norwegian citizen, Oil and Energy Minister Aaslaug Haga said in the statement.
Norwegian investment in the petroleum sector was expected to rise 10 percent to 125 billion kroner in 2008.The oil price rose above 125 dollars on Thursday, slightly down from the record high set Tuesday of 126.98 dollars.
Story from AFP
AFP 15 1318 GMT 05 08
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