This is an archived release.
High turnover for oil and gas
Enterprises within the oil and gas extraction division sold for about NOK 55 billion in November/December 1999. This is an increase of almost 108 per cent compared with the same period last year. Overall revenues from the manufacturing were NOK 83.7 billion, an increase of above 5 per cent compared width the same period last year.
High price of crude oil gave high turnover
High price of crude oil and gas increased the turnover a lot for enterprises within the oil and gas extraction division. According to the London Spot Marked, the average price of crude oil (Brent Blend) was almost NOK 200 per barrel ( USD 25.5) in the last term of 1999. This is an increase of above 150 percent (measured in NOK) compared with November/December 1998. At that time the price of Brent Blend was extremely low less than NOK 75 per barrel (under USD 10).
The turnover within the oil and gas extraction division has constantly increased throughout 1999 after the turnover has been at a relative low level in January/February. The growth has been above 38 per cent. The main explanation for the growth is a steadily higher price of crude oil through the year, since the production growth only has been 0.5 per cent. Another cause for the growth is the fall in the turnover throughout last year because of the drop of the crude oil price.
Find detailed figures from Turnover in oil and gas, manufacturing, mining and electricity supply