Norway comfortable with difference with IEA oil output target |
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Published
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Tue, 10 Jul 2007 13:33
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OSLO (Thomson Financial) - Norway said it was comfortable with a gap between its own official estimates for 2007 oil production and that of the International Energy Agency, which indicated a larger-than-expected fall in Norwegian oil output.In a report published on Monday, the IEA predicted that Norway's daily production would be 2.51 million barrels of oil and oil condensate in 2007.This compared with the Norwegian Petroleum Directorate's January prognosis of 2.6 mln barrels - itself a strong downward adjustment from an earlier prediction of 3 mln.The IEA report predicted that Norwegian oil production will fall to 2.4 mln barrels in 2008, 2.26 mln in 2009 and 2.05 mln in 2012, an IEA analyst said.The Norwegian directorate told Thomson Financial that the IEA figure did represent a big difference.But the spokeswoman said the number fell within a 'span of uncertainty' - a range of lowest and highest predicted levels - made by the directorate for Norway's future oil production.She would not give what those figures were, but said that in the current year Norwegian oil production has been better than expected.'So far our production has been a little bit above our own prognosis,' she said.patrick.mcloughlin@thomson.compm/ajbCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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