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Norway’s oil and gas industry Key figures 2005 (based on 2004 figures) Overview • Norway’s interests • Oil export and production • Gas export and production • The Government Petroleum Fund • Petroleum in the Norwegian economy • Internationalisation Norway’s interests • Norway co-operates on energy policy with our most important political and economic partners in the International Energy Agency (IEA) • These are primarily importers of oil and gas • Norway also has important shared interests with other oil-exporting countries both in and outside OPEC Oil • Norway is the world’s third largest oil exporter after Saudi Arabia and Russia • The net export of Norwegian crude oil was 2.9 million barrels per day (Mbd) in 2004 • About 60% of Norwegian oil is exported to Western Europe • About 15% is exported to North America (USA and Canada) AY Ira n R W 7 2, 93 6, 4 7, 04 Ve 2, 47 ne zu el a N 2, ig 1 er ia 2, 04 U AE 2, Ku 01 w ai t2 ,0 M 1 ex ic o 1, 76 Ira q 1, 51 N O si a bi a R us Sa ud iA ra Oil exports (Mbd) 8 7 6 5 4 3 2 1 0 Oil production (Mbd) • With an oil production of 3.2 Mbd, Norway was the world’s seventh largest oil producer in 2004 U AE 2, 3 5 2, 60 ez ue la 3, 08 Ve n an a C AY RW O da 3, 19 9 3, 4 hi na 3, ico M ex n Ira 83 3, 96 2 7, 6 SA U ia Ar ab C N Sa u di R us si a 9, 2 9, 02 10 9 8 7 6 5 4 3 2 1 0 Gas • Norway is the world’s third largest gas exporter after Russian and Canada • Norway plays a particularly important role in European gas supply security • Deliveries of gas from Snøhvit, the world’s most northerly and Europe’s first LNG installation, to the USA are planned to start in 2006 European gas imports • Norwegian gas accounts for 19% of Europe’s gas consumption Algeria 19 % Germany 3% NORWAY 19 % UK 4% Netherlands 12 % Others 3% Nigeria 3% Russia 37 % Importers of Norwegian gas in billion Sm3 Others 0% UK 9,1 12 % Netherlands 4,31 6% Belgium 7,2 10 % Czech Republic 2,62 3% Italy 7,00 9% Austria 0,80 1% Spain 2,21 3% Germany 26,40 35 % France 14,65 20 % Poland 0,5 1% Gas imports to Germany • Norway accounts for 29% of gas consumption in Germany, which is by far Europe’s largest importer of gas UK 3% Netherlands 24 % Russia 41 % Denmark 3% NORWAY 29 % Gas imports to France • Norway accounts for 32% of gas consumption in France, Europe’s third largest gas importer Algeria 15 % Oman 0% Belgium 2% Netherlands 21 % Nigeria 2% Russia 26 % UK 2% NORWAY 32 % Gas production 2003 • With a gas production of 78.5 bn Sm3, Norway was the world’s seventh largest gas producer in 2003 700 600 500 400 300 200 100 54 C 2, an 9 ad a 18 2, 8 U K 95 ,9 Ira n 85 ,5 Al ge ria N O 82 R W AY In 78 do ,5 ne si N a et 73 he ,3 rla nd s Sa 68 ud ,8 iA ra bi a 64 U SA R us sia 58 9, 1 0 The Government Petroleum Fund • Established by the Storting in 1990 • Funds first allocated in 1996 • Made up of the government’s revenues from the petroleum industry + the return on the fund’s capital • Value at the end of 2004 was NOK 1 016 billion, an increase of NOK 171 billion from 2003 The growth of the petroleum fund 1 200 000 000 1 000 000 000 600 000 000 400 000 000 200 000 000 4 .2 00 3 .2 00 2 .2 00 1 .2 00 0 .2 00 9 .1 99 8 .1 99 7 99 .1 99 6 0 .1 NOK 800 000 000 Petroleum in the Norwegian economy • The export value of sales of crude oil and gas in 2004 is estimated at NOK 346 bn • This is equivalent to 47% of total Norwegian exports • The petroleum industry’s share of GDP in 2004: 21% • More than 75 000 people are employed in the Norwegian petroleum sector Production profile NCS • Oil: constant up to 2007, then gradual decline 350 300 250 Gas NGL Oil 200 150 100 50 27 20 23 20 19 20 15 20 11 20 07 20 03 20 99 19 95 19 91 19 87 19 83 19 79 19 75 19 71 0 19 million standard m3 oil equivalents • Gas: increasing up to 2010, then flattens out Internationalisation • “The Norwegian petroleum industry today has world class technology and expertise. The synergy between the dynamic Norwegian continental shelf and the growing global energy market [...] offers good opportunities for internationalisation for all companies.” • Minister of Petroleum and Energy Thorhild Widvey Internationalisation • The petroleum-related overseas sales of Norwegian companies increased by an average of 10% per year from 1995 to 2003 40 35 mrd NOK 30 25 20 15 10 5 0 .1995 .2003