Energy Ministry downgrades Norway petroleum revenue estimate

Offshore staff

OSLO, NorwayNorway’s Ministry of Petroleum and Energy estimates the state’s net cash flow from the petroleum industry in 2015 at almost NOK 218 billion ($26.6 billion).

This figure includes direct and indirect taxes, revenues from the State’s Direct Financial Interest (SDØE) and dividends from Statoil.

The Ministry’s revenue forecast is just over 2% lower than that forecast in the Revised National Budget 2015, mainly due to lower anticipated oil prices.

Petroleum industry investment on the Norwegian shelf, including in exploration, is set to total around NOK 184 billion ($22.5 billion) in 2015, declining in 2016 to NOK 167 billion ($20.4 billion).

Minister Tord Lien said: “Many supplier companies around Norway are facing difficult conditions, having to adapt their businesses to reduced global oil-company demand. The industry is taking on the cost challenges that have arisen.

“Nevertheless, from a historical perspective, investment levels on the Norwegian continental shelf remain high. The development of the gigantic Sverdrup field will contribute significantly to the preservation of jobs in many businesses.”

Norway’s total petroleum resource estimate remains unchanged from the Revised National Budget 2015, with recoverable resources assessed at 14.1 bcmoe. By early 2015, around 45% of total recoverable resources had been produced.

Total production of oil, LNG, condensate and gas on the Norwegian shelf is forecast to reach 217.6 MMcmoe this year, with gas accounting for around half that figure. Production levels should remain stable in the years ahead.



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