Norway expects slight increase in 2014 oil production

Norwegian authorities said Wednesday they expected a slight increase in the nation's oil production, which has been dropping steadily since 2001. In 2014, the national oil production should reach 1.47 million barrels per day. According to the Norwegian Petroleum Directorate, the preliminary figure for 2013 was 1.46 million barrels, only half of the production peak reached in 2001. Last year's figures fell short of the Petroleum Directorate's forecast by 0.6 percent, and dropped five percent compared to 2012. "Current expectations are for relatively stable oil production in the next few years," the government agency said. Natural gas sales, at 108.7 billion cubic metres, fell less than expected, with a five percent drop which came in at 0.6 percent above forecasts. Oil investment is expected to remain high this year, at 176 billion kroner (21.2 billion euros, $28.8 billion), reaching 180 billion in 2015, although the country's oil industry employers' organisation expects a drop next year. In 2013, oil investments amounted to 173 billion kroner. From 2015 the Petroleum Directorate expects investments to stay at around 170 billion per year until 2018.