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The problem is however the fact that norwegian oil

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Unformatted text preview: imports from Norway amounted to USD 45.96 billion in 2006, i.e., 58.2% of total Norwegian imports to the EU. Norway has an average oil production of 3 million bpd (2005) and a consumption of only 213,000 bpd. The problem is, however, the fact that Norwegian oil production peaked in 2001 and is now undergoing a rapid decline – 7% in 2005. 6 Olje- og Energidepartementet (Norwegian Ministry of Petroleum and Energy), Available on: <www.regjeringen.no/nb/dep/oed.html?id=750>. 7 © Ifri F. Harbo / The European Gas and Oil Market Map 1. The Norwegian continental shelf – a treasure of oil and gas Source: Norwegian Ministry of Petroleum and Energy. In the late 1950s, very few people believed that the Norwegian continental shelf might conceal rich oil and gas deposits. However, the discovery of gas at Groningen in the Netherlands in 1959 caused people to revise their thinking on the petroleum potential of the North Sea. That discovery led to enthusiasm in a part of the world where energy consumption to a large extent was based on coal and imported oil. In the eagerne...
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