Norway oil output to rise for first time in a decade

In 2014, oil production should reach 1.47 million barrels per day, up from 1.46 million barrels in 2003 and only half of the production peak reached in

2001.

 

Last year's figures fell short of the Petroleum Directorate's forecast by 0.6 percent, and dropped five percent compared to 2012.

   

"Current expectations are for relatively stable oil production in the next few years," the government agency said.

   

Natural gas sales, at 108.7 billion cubic metres, fell less than expected, with a five percent drop which came in at 0.6 percent above forecasts.

   

Oil investment is expected to remain high this year, at 176 billion kroner (21.2 billion euros, $28.8 billion), reaching 180 billion in 2015, although the country's oil industry employers' organisation expects a drop next year.

   

In 2013, oil investments amounted to 173 billion kroner. From 2015 the Petroleum Directorate expects investments to stay at around 170 billion per year until 2018.