Posted on 01/17/2022 6:20:14 AM PST by rktman
Norway’s petroleum revenues reached a record-high in 2021, thanks to rising commodity prices, growing global demand, and high production from 94 offshore fields, the Norwegian Petroleum Directorate (NPD) said on Thursday.
Stable high production from Norway’s continental shelf is expected to continue over the next few years, the authority said in its Shelf 2021 overview presented today.
In the fourth quarter of 2021, the export value of Norway’s oil and gas exceeded $11.5 billion (100 billion Norwegian crowns) in each of the months, three times the export value in the same period of 2020, according to the directorate’s presentation.
Last year, 20 discoveries were made on the shelf, five fields came on stream, and operators submitted eight development plans to the authorities. This year, dozens of development plans are expected to be submitted, the directorate said.
Norway’s oil and gas production was slightly higher in 2021 compared to 2020, and averaged 4 million barrels of oil equivalent per day (boepd), it added.
“Many new discoveries, as well as several new field developments in upcoming years together mean that production is expected to increase somewhat leading up to 2024,” says NPD Director general Ingrid Sølvberg.
Growth in discovered resources last year was the highest since 2014, the directorate noted.
Going forward, Norway will continue to develop its oil and gas industry under the new minority government led by Labour Party leader Jonas Gahr Stoere.
(Excerpt) Read more at oilprice.com ...
Somehow, the Norwegians can manage to extract the oil from the sea without environmental damage!
Why US cannot?!
This is why Norway isn’t in the EU; they’d be sending the profits down to the Mediterranean countries so those people could retire at 25...
Then they’d be forced to stop drilling by Brussels.
That was my first thought, the little Global Warming Hellion is going to go ballistic.
She is sleeping in a bed filled with money. She is just acting like her parents who are professional actors.
Oil prices don’t make sense to me while the world is still in economic malaise.
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