Norway warding off oil slump

Apr 16, 2009 02:00 AM

Efforts to boost oil production in Norway appear to be working, and official numbers showed the country is producing an average 2.1 mm bpd of the black stuff, or the same volumes as last year at this time.
Previous falls in oil production in the Nordic country had alarmed officials concerned the vast hydrocarbon wealth that has made Norwegians rich would soon dry up. Though total oil production in so far in 2009 was down by nearly a full day's production over the first two months of 2008 -- February numbers showed Norway produced 2.17 mm bbl of oil -- there was still cause for cheer, especially for the national oil champion.

Most oil in Norway is produced by offshore giant, StatoilHydro, and the numbers are good news for company boss Helge Lund, whose replacement of reserves has been criticized. Lund was among the first to flag falling oil production and had asked government, a major shareholder, to open new areas to exploration.
Numbers for March show gas production, too, has been buoyant of late. Produced volumes were up 1.6 bn cm to 20 bn cm.

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