Norway Looks to the Arctic as Production Declines

According to a report from NASDAQ, Norway's status as one of the world's leading producers of oil is being threatened by the rapid declines in oil production from its mature wells. Norway expects new oil & gas finds in the Barents Sea region of the Arctic to offset some of the decline in its oil & gas output. The recent discoveries by Statoil (STO) in the Barents Sea have fueled new interest in exploration activity in the Arctic regions of Norway, leading to record levels of drilling in 2011 with four additional wells planned this year and seven more in 2012.