'Norway crude will see rapid decline'

Flag of Norway --- Image by © Royalty-Free/Corbis

Norway: oil producing country sees rapid decline in crude output in the next decade

related stories

By News Wires

 01 July 2010 03:34 GMT

Norway's oil production is expected to decline "rapidly" over the next 10 to 20 years, so the country needs to save its revenue through some form of wealth fund, the country's central bank governor said today.

Norges Bank Governor Svein Gjedrem gave no details of the expected production decline in comments during a talk in Singapore, which he is visiting to open an office of the central bank unit that manages Norway's $425-billion government pension fund.

It is the world's second largest sovereign wealth fund after the Abu Dhabi Investment Authority (ADIA).

The Singapore office will be the unit's fourth office outside Oslo after London, New York and Shanghai.

…

Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?

Login

Upstream share price index