Norway’s oil production seen slowing in next 10-20 years

Jul 01, 2010 02:00 AM

Norway's oil production is expected to decline “rapidly” over the next 10 to 20 years, so the country needs to save its revenue through some form of wealth fund, the country's central bank governor said.
Norges Bank Governor Svein Gjedrem said this whilst visiting to open an office of the central bank unit that manages Norway's $ 425-bn (EUR 336 bn) government pension fund. It is the world's second largest sovereign wealth fund after the Abu Dhabi Investment Authority (ADIA).

The Singapore office will be the unit's fourth office outside Oslo after London, New York and Shanghai.

Source / Newswires
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