Norwegian oil reserves estimated to last another 50 years

Oct 02, 2002 02:00 AM

Norway will be able to maintain production of oil for another 50 years, and gas for more than 100 years. This is according to the government's oil bill, which was presented by Oil and Energy Minister Einar Steensnaes.
The bill shows that 60 % of the total oil reserves have not yet been tapped. This would mean that in the year 2050, there will still be as much oil left in the reservoirs as will have been produced by then.

The oil sector today makes up 23 % of the gross national product. Altogether 32 % of the state income comes from this sector of the economy.
Around 45 % of Norwegian export is made up of oil and oil products, and 22 % of Norway's investments are related to the oil industry.

Source: The Norway Post
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