Norway's Oil Output Down Slightly 12/07: Continental Shelf Output Falling "Faster Than Expected"

[hatrack]

OSLO (Thomson Financial) - The Norwegian Petroleum Directorate said on Wednesday that Norway's oil output in December dropped to a preliminary 2.209 mln barrels per day on average compared with 2.212 mln in November. The directorate said that in November production from the Snoehvit and Ormen Lange fields were shut down for 20 and 10 days due to technical problems.

So far this year the average daily production has been just above 2.2 million barrels of oil, it added. It gave no reasons for the decline in the December number.

The Norwegian Petroleum Directorate in December said that crude oil production on the Norwegian Continental Shelf is declining more rapidly than the oil companies had previously expected, adding that something needs to be done.

The directorate said players on the NCS were generally overoptimistic after key fields went into decline.

EDIT

http://www.forbes.com/afxnewslimited/feeds/afx/2008/01/09/afx4510368.html

[phantom power]

1. Memo to self: something needs to be done!

:rofl:

[pscot]

2. Time to unveil Plan B

We're all dying to see it.

[Zachstar]

3. 2009 anyone?

Everything seems to be going wrong at once. I think I will just try to enjoy 2008 before depression hits.

[DCKit]

4. Norway will be among the first to be independent of oil. n/t

[tom_paine]

5. "Who could have foreseen...?"

:rofl: