Norway expected to produce 3.1 mm bpd of oil until 2005

Nov 01, 2001 01:00 AM

Norwegian oil output is on target to average 3.1 mm bpd this year and continue at the same level until 2005, Norwegian oil minister Einar Steensnaes said. Gas output is expected to total 60 bn cm this year and rise to meet Norway's commitments to deliver 80 bn cm by 2005, he said.
The next few years were likely to be "the peak of oil production" for Norway but the country has the potential to continue producing oil for another 50 years and gas for another 100 years, he said. "The prospects are looking very good for an industry many seem to think is in decline," Steensnaes said.

The average recovery rate from Norwegian offshore fields is already expected to reach 44 %, but the minister said Norway should increase this figure to 50 % for oil and 75 % for gas. Around 40 % of gas production is currently reinjected to enhance oil recovery and this level is also likely to increase, he said.

Source: Platts
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