Norwegian oil production up, gas down

Offshore staff

OSLO, Norway --Gas production on the Norwegian shelf set a new record in 2006, according to new figures from the Norwegian Petroleum Directorate. Oil production fell below expectations, however.

Total oil and gas production for the year was 248 MMcmoe, 16 MMcmoe below the record set in 2004. NPD forecasts a further decline this year to 240 MMcmoe.

NPD's review also identified 26 new exploration well spuds across the sector last year, twice the 2005 total. Investments, excluding exploration costs, reached an estimated $158 billion (NOK 85 billion), 3% up on the total forecast in spring 2006. This year, Norwegian sector investments will fall to $152.52 billion (NOK 82 billion), NPD forecasts, with eight new field development plans likely to be submitted.

01/05/2006