Norway Oil,Gas Very Important To World Energy Mix-IEA's Birol
Tuesday November 18th, 2008 / 13h01
OSLO -(Dow Jones)- The International Energy Agency's chief economist said Tuesday Norway has a key role to play in ensuring the world's oil and gas supplies remain as diversified as possible. Speaking at a conference in Oslo, the IEA's Fatih Birol said expectations the Organization of Petroleum Exporting Countries will produce an ever increasing share of global oil makes "every drop of oil we can get from Norway very, very important," in retaining a diverse energy mix. Birol said the IEA's analysis of the world's 800 largest fields, representing two third of both existing reserves and current production, didn't give "a very optimistic message." "Non conventional oil will increase, mainly from Canada. But non-OPEC production is in difficulty. The share of OPEC production will in future be a bigger share of the total," Birol added. Strong growth in world demand coupled with a sharp decline in existing fields are the two factors will underpin a need for more oil by 2030 than today, Birol said. Output needs to rise by 64 million barrels a day by 2030 to meet demand growth and offset decline, he said. That's equivalent to six times Saudi Arabia's capacity, or 27 times Norway's. IEA Web site: http://www.iea.org -By Elizabeth Cowley, Dow Jones Newswires; +47 22 20 10 58; elizabeth.cowley@dowjones.com Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=ca%2BNpgo7zosg6xjniF472A%3D%3D. You can use this link on the day this article is published and the following day.
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