Oil Field Income Slumps to Lowest Since 1999 for Norway: ChartBy
Norway’s cash flow from the government’s direct stakes in oil and gas fields fell 30 percent to 65.9 billion kroner ($7.7 billion) in 2016, the lowest since 1999, according to figures from Petoro AS, the state-owned manager of the fields, and Statistics Norway. The collapse in crude prices that started in 2014 has also reduced Norway’s income from petroleum taxes and dividend payments from Statoil ASA. As a result, the country, which is western Europe’s biggest oil and gas producer, in 2016 resorted to the first withdrawal from its $900 billion sovereign wealth fund.
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