Looking for a specific product?

Make a search for products & suppliers, articles & news.

NOK 300 billion in net revenue from the petroleum industry

In the National Budget 2015, the State’s net cash flow from the petroleum industry is forecast to total close to NOK 300 billion in 2014 (fixed 2015 prices). Direct and indirect taxes account for around 60 per cent of the total. The State’s Direct Financial Interest (SDØE) contributes approximately 35 per cent, while the remainder comprises dividends from Statoil.

This forecast represents a drop of about 9 per cent in the State’s net cash flow from the petroleum industry compared to the estimate in the Revised National Budget 2014. The fall is primarily due to lower tax receipts and lower achieved gas prices than previously anticipated. In the forecast, oil and gas prices have been estimated at NOK 670 per barrel and NOK 2.15 per standard cubic metre, respectively (fixed 2015 prices). Current price levels indicate that these estimates are somewhat high.

- I am very pleased to see the petroleum industry continuing to produce substantial value for Norway year after year. The industry is Norway’s most important in terms of value creation, state revenue and export value. We can all be proud of how we manage our natural resources,” says Minister of Petroleum and Energy Tord Lien.

Petroleum industry investment (including in exploration) is expected to total approximately NOK 218 billion in 2014 (fixed 2015 prices). In 2015, investment is anticipated to fall by about 8 per cent, but will remain at a high level in historical terms. The investment level is primarily driven by the scale of the projects under development at any given time.

Total production of oil, LNG (liquefied natural gas), condensate and gas on the Norwegian continental shelf is expected to total around 214 million standard cubic metres of oil equivalents in 2014, with gas accounting for about half of total production. Production levels are expected to remain largely unchanged in 2015.

The total petroleum resource estimate has not been amended since the Revised National Budget 2014. The total recoverable resources on the Norwegian continental shelf are estimated at 14.2 billion standard cubic metres of oil equivalents, equivalent to 89 billion barrels. Some 44 per cent of the total recoverable resources had been produced by the beginning of 2014.

- The resource base on the continental shelf provides a foundation for value creation for many decades to come. To exploit this resource base, we have to work together to overcome the challenges we face, ensuring that the industry is efficient and competitive. We must also continue to concentrate on existing fields, develop new discoveries close to existing infrastructure and explore immature areas,” says Minister of Petroleum and Energy Tord Lien. 

 

Related news

Latest news

The LNG Fuel Finder – a new service for LNGi

The question of bunkering availability is still a major stumbling block for...

DNV GL releases the new issue of MARITIME IMPACT magazine

“At the same time, our industry is under increasing societal and regulatory pressure to reduce the environmental impact of vessels. 

Biggest feed barge delivery ever

At the shipyard in Gdynia Poland, 7 feed barges were recently loaded onboard the vessel Jumbo Vision. The barges are destined for Canada and will be operational this summer. 

Max Planck and CMR cooperation

Scientists at Christian Michelsen Research are currently developing, together with colleagues from the Max Planck Institute for Iron Research (Germany), the Field Kelvin Probe (FKP). This FKP will enable contactless detect...

Consilium equips 48 buildings in Galway, Ireland, with lifesaving panels

Consilium Building Safety has received a strategical order from our Irish distributor...

CADCAM options for the open-minded

“Naval architects log into the Vestdavit digital library and can download exactly what they need within a couple of minutes,

DNV GL COMPIT Award 2017 for smart underwater robotics

Marco Bibuli was announced as the winner of the DNV GL COMPIT Award 2017, which took place in Cardiff this year. The Italian maritime robotics expert, working at the Italian research centre CNR-ISSIA in Genova, was honoure...

Record Number Applications for the Innovation Award!

A total of 28 applications for the Nor-Fishing Foundation Innovation Award, – which includes a check for NOK 100 000 – has been received by the deadline the 1st of May. This represents a 36% increase from record year ...

Midt-Norsk Havbruk and Plastsveis enter into agreement to build smolt facility

“We have followed the development of technology for smolt production carefully for several years,