Higher oil revenue swells Norway coffers

Burning bright: high oil prices have lifted revenue from Norwegian production

The inflow of oil revenue to Norway’s state coffers is estimated to increase to Nkr378 billion ($63.7 billion) this year under the revised national Budget, fuelled by high crude prices.

The latest estimate is an increase of Nkr26 billion compared with the previous figure targeted in the original Budget, with tax revenue accounting for around Nkr228 billion and the state’s direct financial interest in oil assets about Nkr136 billion of the total income.

“A high oil price and a high level of activity have facilitated high value creation,” Oil & Energy Minister Ola Borten Moe said in a statement.

The ministry said the projected oil price for 2012 has also been adjusted upwards to Nkr650 ($110 per barrel) in the amended Budget as…

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