Norway cuts oil output target, raises resource estimate

STAVANGER, Norway Wed Jan 15, 2014 4:13am EST

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STAVANGER, Norway Jan 15 (Reuters) - Norway reduced its 2014 oil production forecast on Wednesday but sharply raised its estimate for undiscovered resources, primarily on more oil and gas in the Arctic Barents Sea, the Norwegian Petroleum Directorate (NPD) said.

Norway sees oil and gas production at 538 million barrels this year, below a previous estimate for 555 million barrels, while the total undiscovered resource is now seen at 18.5 billion barrels of oil equivalents (boe), up from a previous estimate for 16.3 billion boe.

Norway's top oil producer include Statoil, Shell , BP, ConocoPhillips and ExxonMobil .

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