Drumbeat: January 11, 2013

High costs threaten Norway’s oil recovery

STAVANGER, Norway, (Reuters) – Oil production in Norway, the world’s eighth-biggest exporter, will fall to a 25-year low in 2013 and an anticipated slow recovery in subsequent years is threatened by rising costs and bottlenecks, energy authorities said.

Production will fall to its lowest level since 1988 as fields, particularly in the mature North Sea, become depleted and a slew of new developments need more time to come onstream, the Norwegian Petroleum Directorate (NPD) said on Friday.

Still, record investments, big discoveries, high oil prices and a decisive move into Arctic waters support the ...



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