Norway's oil and gas stakes rise 21 % in value

Jun 06, 2010 02:00 AM

Norway's direct stake in the oil and gas fields and installations off its coast rose in value some 21 % to NOK 865 bn (EUR 105 bn), the country's energy ministry said. The value of the country's stake increased from NOK 715 bn on 1 January 2008 to its present value as of 1 January 2010, the ministry said.
"This increase is mainly explained by higher estimates of future oil and gas prices," it said.

The ministry added that costs for exploration and operations had increased significantly over the same period.
"This development illustrates the importance of continuing our commitment to reducing costs and to accommodate for the future value creation from the petroleum sector," it said.

The Nordic kingdom is Europe's second largest energy exporter after Russia. The government has direct stake in all the fields via the state-owned company Petoro, which does not have production operations.
Norway saves nearly all its oil and gas revenues into a sovereign wealth fund, the world's second largest.

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