Following a growth year in 2012, Norways' total petroleum output is expected to fall by 5% in 2013.
The Norwegian Petroleum Directorate (NPD) has released data on the country's total petroleum output, which includes oil, gas, condensates and natural gas liquids. Historically, production peaked in 2004 and fell by four percent in 2010 and five percent in 2011. Production is expected drop further in five percent 2013 at 3.67mboe/dt before gradually regaining 2012 levels over the next few years.
Norway's crude oil production peaked in 2000 at 3.12 million bpd. Technical problems and delays at several fields led to an 8.5% fall in 2012 in crude oil output, despite record-high oil sector investments. In contrast, gas output has increased by 12%.
However, NPD has expressed optimism about the long-term, highlighting new profitable discoveries and a record number of developments in recent years.
Petroleum production is expected to decline somewhat in 2013, with levels increasing again in 2014 and remaining flat until 2017. The unexpected decline in oil production in 2012 was more than offset by the record-high gas sales and gas will represent more than half of petroleum sales from the Norwegian shelf in the next five-year period.
Norwegian bank DNB ASA expects the country's overall economy to slow in the next few years due to lower growth in oil investments and house prices. It expects the growth rate to hold at 1.5% until the Autumn of 2014.