Norway May Boost Oil Production by 16 Billion Barrels
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Norway, the world’s seventh-biggest oil producer, has the potential to produce an additional 16 billion barrels of oil, which would extend output beyond 2050, according to a report commissioned by the oil ministry.
By reducing costs, improving technology and introducing regulatory changes, producers offshore Norway could increase recovery rates from existing oil and gas fields to 60 percent from today’s average of 46 percent, said the report issued today. That could add about 16 billion barrels of oil to be produced offshore Norway, in addition to today’s reserves and recoverable oil in discovered and undiscovered deposits.