For the first half of this year Norway increased its production of hydrocarbons by 3.5% compared to the same period last year. Thus the profit of the Kingdom from participating in the development of oil and gas deposits on the continental shelf fell by 29% to 38.7 billion euros (about $4.6 billion). As the correspondent of IA REGNUM, such information is contained in the final report PetoroAS— oil company, which manages state assets in Norway.
The main reason for the decrease in all financial indicators, recognize Petoro, falling prices for oil and gas and, as a consequence, the weakening of the markets concerned. Revenues from gas production in the first half of 2016, the year amounted to 31.8 billion crowns, it is 10.2 billion lower than a year earlier. The export of natural gas, by contrast, increased by 1.2 billion cubic meters.
Oil revenues, in turn due to prolonged price instability has reduced by 31% compared to the first half of 2015. To some extent producers of raw materials played into the hands of a higher dollar, noted in the Norwegian company.
Noting the negative performance of the Norwegian businessmen do not hurry to make optimistic forecasts. As commented WallStreetJournalисполнительный PetoroASГрете Moen, Norway could continue to lose revenue, regardless of price fluctuations: dear, cost the North barrel of oil hardly compete with cheaper brands. Need to cut costs, thus reducing the cost of oil, I’m sure Greta Moen. “On the Norwegian continental shelf we have fundamental problems with the costs. If we don’t make the necessary changes, production at existing fields may end sooner than we’d like, but new projects are not profitable,” she said.
Recall that a significant portion of the hydrocarbon export income of Norway is accumulated in the special reserve funds. As previously reported IA REGNUM, in 2016-m to year to meet current budget expenditure, the government of the Kingdom had first to borrow from the “oil Fund”. According to the draft of the revised budget, this year force majeure tranche 206.5 billion NOK.
