Norway has been producing oil offshore since the 1970s and hardly needs help from relatively inexperienced Russia.
So presumably it’s for strategic reasons that Norway’s energy ministry decided this week to award Russian oil companies rights to explore on the Norwegian continental shelf for the first time. The two countries do after all share an offshore frontier. Continue reading »
Factoid: more oil wells are being drilled by Turkey than by Norway. That’s the perhaps startling news in a Bloomberg story under the headline Turkey Beating Norway as Biggest Regional Oil Driller.
Hang on a bit. Norway, according to the US Energy Information Administration, is the world’s 14th biggest oil producer, with output of 2m barrels a day. The EIA puts Turkey in 60th place, with output of 56,533 barrels a day in 2011. Norway exports more than 80 per cent of the oil it produces. Turkey imports more than 90 per cent of the oil it consumes. Continue reading »