Tuesday - November 04, 2008

News From The North

dateline Oslo Norway

The Norwegian government’s operating profit on its direct investment in the Nordic countries offshore oil fields rose 27 percent in the third quarter to 35.6 billion kroner ($5.3 billion) on high crude prices, Petoro AS announced Tuesday.

The government company Petoro AS, which manages investments but does not operate fields, also said the government’s net income for the first nine months of 2008 of 118.9 billion kroner ($17.7 billion) already exceeded net income for all of 2007 by 6.6 billion kroner ($985 million).

“The fact that we have already exceeded last year’s very good result after nine months reflects the very high prices we have enjoyed during 2008,” said Marion Svihus, Petoro’s chief financial officer. “But the sharp fall in prices this autumn is a matter of concern, particularly since we still don’t know if the decline has bottomed out.”

Crude oil prices peaked at a record $147 per barrel in July, at the start of the third quarter, but have now fallen to about $64 per barrel on a slowdown triggered by the global financial crisis.

“Even after this dramatic drop, however, oil prices remain historically high,” she said. Svihus said the turbulence “makes it all the more important to take care of these huge national assets in a professional, commercial manner.”

Meanwhile, Norwegian oil company Petoro AS is trying to get at least one more oil rig up and running, and is willing to partner with other oil companies to share the cost. What the above article does not tell you is that the Norwegian’s production in the Barents Sea is rapidly declining. They need more wells in more places to maintain production. Also they are looking into using nanotechnology to increase the output of old wells by a significant percent. Oh, and all of this is being done without spilling a drop, and they’ve managed to cut their other pollutants 95% in the past 7 years, though the level of CO₂ has gone up a bit per unit volume of oil pumped. Read more about all of it here. For more on the nanotechnology bit, go here. If the Norskis can do it, so can we. Drill here, drill now, drill smart. You betcha!

Posted by Drew458     on 11/04/2008 at 09:16 AM   
Filed Under: • Oil, Alternative Energy, and Gas Prices •  
• Comments (2) • Trackbacks(0)  Permalink •  

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