Norwegian petroleum production sets new record in 2003

Jan 13, 2004 01:00 AM

Despite setting a new record for petroleum production in 2003, Norway ended the year with bigger reserves because of increased exploration and new discoveries, the country's petroleum directorate reported.
Norway is the world's third largest oil exporter, after Saudi Arabia and Russia, and also produces vast amounts of natural gas from its offshore fields.

The Norwegian Petroleum Directorate said the nation produced 262 mm cm (roughly 1.6 bn barrels) of oil equivalent in 2003, 3 mm more than the previous high in 2002. Oil equivalent measures energy content, rather than the volume, of oil and natural gas.
The agency said production is expected to remain at that level through 2004, with increased natural gas production offsetting a slight decline in oil production.

The annual report also said total reserves on the Norwegian continental shelf, measured in oil equivalent, increased to 12.9 bn cm (81.3 bn barrels) at the end of 2003 from 12.8 bn (80.6 bn barrels) a year earlier because of new discoveries and upgraded estimates of known reserves.

Source: AP WorldStream via Comtex
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