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Line 90: − Offshore hydrocarbon deposits were discovered in the 1960s, and development began in the 1970s. The growth of the petroleum sector has contributed significantly to Norwegian economic vitality. Current petroleum production capacity is more than 3 million barrels per day. Production has increased rapidly during the past several years as new fields are opened. Total production in 2003 was about 263 million cubic meters of oil equivalents, over 63% of which was crude oil. This represents a slight decline in crude oil production over the past year, accompanied by sharp increases in gas and liquefied natural gas (LNG) production. Hydropower provides nearly all of Norway's electricity, and all of the gas and most of the oil produced is exported. Production increased significantly in the 1990s as new fields come on stream. + + − + + + + +
→Energy Resources: update
===Energy Resources===
===Energy Resources===
[[File:Norway-map.gif|thumb|270px]]
Norway has a highly-developed oil and natural gas sector. Norway's oil production peaked in 2001 at 3.42 million barrels per day (bbl/d) and has been steadily declining since, reaching 2.47 million bbl/d in 2008. Natural gas production, on the other hand, has been steadily increasing since 1993, reaching 3.5 trillion cubic feet (Tcf) in 2008. All of Norway's oil and natural gas fields are located subsea on the Norwegian Continental Shelf. Most of the new discoveries being made are natural gas. The Norwegian government is committed to developing the frontier Barents Sea region as existing North Sea fields mature.<ref> For current statistics, see [http://tonto.eia.doe.gov/country/country_energy_data.cfm?fips=NO Energy Information Administration, "Norway Energy Profile" (2009)] </ref>
Norway is the world's third-largest oil exporter and provides much of western Europe's crude oil and gas requirements. In 2003, Norwegian oil and gas exports accounted for 56% of total merchandise exports. In addition, offshore exploration and production have stimulated onshore economic activities. Foreign companies, including many American ones, participate actively in the petroleum sector.
Offshore hydrocarbon deposits were discovered in the 1960s, and development began in the 1970s. Norway is now the world's third-largest oil exporter and provides much of western Europe's crude oil and gas requirements. In 2003, Norwegian oil and gas exports accounted for 56% of total merchandise exports. In addition, offshore exploration and production have stimulated onshore economic activities. Foreign companies, including many American ones, participate actively in the petroleum sector.
One issue that has hampered the development of oil and natural gas reserves in the northern Barents Sea area has been the lack of a defined maritime boundary between Norway and Russia. However, on June 5, 2009, Russian state-owned gas companyGazprom and Norwegian state-controlled oil company StatoilHydro signed a three-year Memorandum of Understanding to work together in exploring and developing their Arctic sea regions. According to a joint statement, the two companies will work together on development of the Shtokman field, some 345 miles from land in 1,148 feet of water. It holds estimated gas reserves of around 113 trillion cubic feet.
Hydropower provides nearly all of Norway's electricity, and all of the gas and most of the oil produced is exported.
==History==
==History==