North Sea Oil Majors Need To Increase Investment To Avoid Slowdowns

The North Sea has experienced sequential and constant declines in oil production over the past. Norway produced 61 million barrels of oil in August 2013 which was a decrease of 2.15 percent YoY. Norwegian oil production has experienced slowdowns over the past four years and has a four year CAGR of -5.94 percent.

Declining North Sea output

Annual oil production in Norway saw a peak on 1.52 billion barrels in 2000 and has halved ever since. Oil production in 2012 stood at 748 million barrels while it is expected to reduce further to 717 million barrels in 2013 with a 12 year CAGR of 5.73 percent.

Figure 1: Norwegian oil production, forecast and actual (million barrels)