Norwegian Petroleum Industry Makes NOK 344 Bln

In the National Budget 2014, the Norwegian State’s net cash flow from the petroleum industry is estimated at almost NOK 344 billion in 2013. Taxes account for NOK 207 billion of this amount, while the State’s Direct Financial Interest (SDØE) contributes approximately NOK 123 billion.

The remainder, NOK 14 billion, is dividends from Statoil. The revenue estimates are based on oil and gas prices of NOK 635 per barrel and NOK 2.29 per standard cubic metre, respectively.

“The petroleum sector is Norway’s most important industry, and benefits the entire country. This is evidenced both by the large revenues generated for the public purse and by the number of jobs created by the industry from the south to the north,” says Minister of Petroleum and Energy Ola Borten Moe.

Petroleum industry investment is expected to total around NOK 197 billion in 2014.

“A large proportion of current investment goes towards ensuring production in existing fields and smaller fields that are dependent on existing infrastructure. Investing while infrastructure is available is good resource management. However, it is also important for longer-term value creation that parallel efforts are made to explore and develop less mature areas, for instance in the Barents Sea,” says Minister of Petroleum and Energy Ola Borten Moe.

Production of crude oil, NGL and condensate is expected to total about 1.8 million barrels per day in 2014. Gas production is expected to total almost 107 billion standard cubic metres.

The estimate of the total petroleum resources on the Norwegian continental shelf was recently updated, and is now 88 billion barrels. This increase of 6 per cent compared to previous projections is linked to the inclusion of resource estimates for the south-eastern Barents Sea and the seas around Jan Mayen. Approximately 42 per cent of the total estimated petroleum resources had been produced by 31 December 2012.

“The resources on the Norwegian continental shelf provide a basis for ongoing value creation far into the future. By continuing to invest in increased recovery from existing fields, continued development of discoveries and active exploration of opened areas, the petroleum industry will be a source of revenue, jobs and innovation for several decades to come. Moreover, activity on the Norwegian continental shelf will enable the Norwegian supplier industry to continue its development as a highly specialised, internationally competitive industry,” says Minister of Petroleum and Energy Ola Borten Moe.

Press Release, October 15, 2013

 

Share this article

Follow Offshore Energy Today

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply