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2010-11 Membership Guide
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Membership News
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The State of American Business 2010
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Please visit our Nordic sister organizations:
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News
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| Norway's Oil Income Drops |
Petoro, which manages the Norwegian state's direct financial interest in the development of petroleum resources, reports an income for Norway of NOK 97 billion for 2009, down from NOK 155.4 billion in 2008.
The main reason for the 37 per cent decline in net income was a considerable fall in oil and gas prices from the record levels experienced in 2008. “Given the concerns we had at the beginning of 2009, I’d describe NOK 100 billion as a good result,” says Kjell Pedersen, president and CEO of Petoro.
Petoro sees big opportunities on the Norwegian continental shelf (NCS) as well as major challenges, and has called for an all-out effort to achieve the necessary changes while the industry still has the necessary resources.
Petoro's President Pedersen warns about the possibility that big producing fields may be shut down too early and says that ''changes are needed to the way we explore for, develop and produce oil and gas on the NCS.''
Mr Pedersen calls on the rest of the industry and the government to make an all-out effort to achieve change and improve recovery. “We must do it now, while a high level of production and substantial revenues allow us to invest in more and cheaper drilling rigs, additional wells and development projects, and advanced production technology to boost oil recovery.”
Mr Pedersen emphasises that ensuring a high level of production in 2020 also depends on exploring and making new discoveries in fresh areas of the NCS.
“In addition, we must develop a more industrial mindset to make it profitable to develop the many small discoveries found in recent years – and which we’re likely to find many more of. Area-wide solutions, standardisation and field developments on the conveyor-belt principle could be key concepts in such an approach,” he says.
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Date posted: 1st of March 2010
Source: NRK/Press release
News Category: Energy
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© 2010 American Chamber of Commerce in Norway. All rights reserved.
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