STAVANGER, Norway Jan 15 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