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Proponents of the Peak Oil theory often point to Norway as evidence of an oil province, whose output at first soars in the 1980s and 1990s, then peaks in 2001, and subsequently declines by 40% until 2011. This is taken as proof that the asymmetrical curve identified by Marion King Hubbert has a general validity, and output decline is inevitable. From that perspective, Norway’s performance in 2011 is astounding. Several finds in different parts of the Norwegian Continental Shelf (NCS), plus upward revisions of producing assets, added up to a reserve replacement rate of 117% for petroleum (oil and natural gas). The bulk of the resource growth is in the giant Johan Sverdrup field, estimated to contain between 1.7 billion and 3.3 billion boe of gross recoverable resources.
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