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Norwegian Oil Industry: Open More Offshore
Wednesday, June 25, 2008
Norway's oil industry called on the new Petroleum and Energy Minister Terje Riis-Johansen to open up quickly more area for offshore oil and gas exploration.
With oil output from ageing North Sea fields in decline, the industry sees access to new acreage as the best way to sustain a boom which has turned Norway from the poorest country in the Nordic region to the richest in less than two generations.
The lobby group said exploration drilling had picked up on the Norwegian shelf this year, with 26 wells begun in 2008 against 32 in all of last year. Twenty-two of the wells have already been completed an 15 of them struck oil or gas.
Source: Reuters
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