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Norwegian oil grows - after 13 year decline

For the first time in 13 years the Norwegian oil production is now set to increase to an average daily level of 1.52 million barrels.

Photo: Mærsk/Statoil

The Norwegian oil production looks set to grow for the first time in 13 years in 2014, and even though the increase will only bring the daily production to a level that corresponds to half of what the country produced in record high 1997, the Norwegian Petroleum Directorate expects that production this year will reach a daily average of 1.52 million barrels, 50,000 barrels more than the daily average in 2013.

"We've been through a period of historically high prices, and we've seen major investments on the Norwegian shelf. Also, we've seen a high exploration activity and new discoveries. The oil industry is, and will remain, the most important industry in Norway, and this will continue for many decades to come," says the Norwegian Oil and Energy Minister Tord Lien, according to Norwegian newspaper Dagens Næringsliv.

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