Norway has shored up its position as the No. 1 offshore oil producer in northern Europe. Data disclosed in January put average Norwegian oil production ahead of the U.K. for the first time at 1.94 million b/d in 1991 vs. 1.84 million b/d. This year, Norway's production has been more than 2 million b/d most months, while the U.K.'s has stayed at less than that level. AU of Norway's oil production is offshore, while the U.K. figures include a small onshore volume.
Spending plans suggest Norway is poised to widen the gap with No. 2 European producer U.K. this decade.
By yearend, Norway will have almost caught up with the U.K....