Norway's oil production to stay above 3.1 mm bpd

Jul 03, 2001 02:00 AM

Norway's oil production will stay above 3.1 mm bpd for the next five years. The country is the biggest oil producer in Europe and one of the world's largest.
"It is expected that oil production will stay at the current level of above 3.1 mm bpd over the next five years and that an annual $ 4.34-6.51 bn will be spent over the next 20 years on operations and development," it was reported. The are still "large amounts of undiscovered oil and gas off the Norway" and the rate of finds remain "high by international standards".

Iranian Oil Minister Bijan Zanganeh will visit Norway before attending the OPEC meeting in Vienna, Austria, said Norway's Oil and Energy Ministry.
Norway is not a member of OPEC.

Source: FWN Financial
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