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Tuesday, January 23, 2018

RECORD NORWEGIAN OIL PRODUCTION IN JULY

The average Norwegian oil production in July was 3.299 mbd, 0.45 mbd above the June level, which was low due to shut downs for maintenance.

The news of record oil production came at the same time as Brent Blend Spot price reached the USD35 per barrel.  According to Director Wiborg in the Norwegian Oil Directorate, the high Norwegian oil production will continue.  The average Norwegian oil production in 2000 is estimated at 3.25 mbd.  The average oil production next year is estimated to be 3.4 mbd, but these production prognoses are uncertain. 

The oil income gives Norway a record budget surplus of NOK 79 billion and an export surplus of some NOK91.4 billion or USD10 billion. The tax authorities have now asked oil companies to pay NOK 765.5 billion in tax for 2000, an amount that is expected to be too low, based on an average oil price of USD26 per barrel and an exchange rate of NOK 8.6 for a dollar (the current level is USD34 per barrel of oil and an exchange rate of USD NOK9.23/USD). Total taxes for the oil companies in the Norwegian N Sea sector in 1999 were NOK 9.8 billion.

(Source: Dagens Næringsliv 4/6 Sept 00)