Norway Oil Income Heading for Six-Year Low Amid Price Plunge
- State's cash flow lags last year's even as output jumps 10%
- Petoro still sees higher income than government forecast
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The state’s oil income is on track to dip to the lowest in at least six years.
Net income from the Norway’s direct stakes in offshore oil and gas fields for the first nine months is 13 percent behind the same period last year and barring a substantial rally in the last three months could dip below the 97 billion kroner received in 2009, data from state oil company Petoro showed on Tuesday. The drop comes even as production has increased 10 percent in the first three quarters, showing the impact of lower prices.