Norway Could Announce New Measures for Offshore Industry By End of 2014

Norway could step up its efforts to maintain hydrocarbon production on the present levels. According to Bloomberg, the Scandinavian country could present new measure to reduce costs in its offshore industry toward the end of next year.

Recently, Prime Minister Erna Solberg said that the country is preparing the transition to an economy not as reliant on hydrocarbon exports. She explained that that’s a 20-year perspective and that Oslo still needs to maintain production at high levels.

Costs in Norway’s offshore industry have grown an average of 10% a year between 2003 and 2013, according to consultants Rystad Energy. 

“If the trend continues, it will become challenging to produce more, or just produce as much” as now, Minister of Petroleum and Energy Tord Lien said in an interview to Bloomberg on Wednesday.