NORWAY, THE OTHER DECLINE

Norway’s oil production peaked in 2001 at 3.42 million barrels per day and declined to 1.75 million bbl/d in 2011. According to The Oil and Gas Journal (OGJ), Norway had 5.67 billion barrels of proven oil reserves as of January 1, 2011, the largest oil reserves in Western Europe. All of Norway’s oil reserves are located offshore on the Norwegian Continental Shelf (NCS), which is divided into three sections: the North Sea, the Norwegian Sea and the Barents Sea. The bulk of Norway’s oil production occurs in the North Sea, with smaller amounts in the Norwegian Sea and new exploration and production activity occurring in the Barents Sea. Discovered in 2000, 40 miles off the town of Hammerfest, Goliat is the first oil field to be developed in the Barents Sea.