Norm prices for Norwegian crude oil 3rd quarter 2009

The Petroleum Price Board (PPB) has set Norm Prices for Norwegian crude oil lifted in the 3rd quarter of 2009. The Norm Prices are used as tax reference prices in the taxation of the crude oil producers on the Norwegian continental shelf and are set in arrears for every quarter.

PPB has decided not to set Norm Prices for Forties and Varg for the 3rd quarter of 2009.

The Petroleum Price Board has set the following Norm Prices in NOK per barrel with

30 days of credit for the 3rd quarter of 2009:

July

August

September

Brent Blend (FOB Sullom Voe)4)

410.43

(442.20)

(397.96)

Alvheim (FOB loading buoy)1)

423.14

447.66

406.52

Draugen (FOB loading buoy)1)

415.51

444.63

400.32

Ekofisk (FOB Teesside)

416.15

445.84

402.68

Grane (FOB Sture)

398.99

434.31

387.62

Gullfaks Blend (FOB loading buoy)1)3)

418.69

448.27

405.93

Heidrun (FOB Mongstad/delivered Tetney)

399.31

437.34

387.62

Jotun (FOB ship)1)

409.79

433.70

397.66

Norne (FOB ship)1)

420.28

454.64

405.04

Oseberg (FOB Sture)

416.15

446.15

402.98

Statfjord (FOB loading buoy)1)4)

416.47

445.54

401.20

Troll (FOB Mongstad)

422.82

453.13

408.88

Volve ( FOB loading buoy)1)

399.31

431.88

389.10

Åsgard (FOB ship)1)

408.21

437.95

393.53

By using a monthly average exchange rate:

July

August

September

NOK/USD

6.3534

6.0700

5.9044

The equivalent prices in USD are:

July

August

September

Brent Blend (FOB Sullom Voe)4)

64.60

(72.85)

(67.40)

Alvheim (FOB loading buoy)1)

66.60

73.75

68.85

Draugen (FOB loading buoy)1)

65.40

73.25

67.80

Ekofisk (FOB Teesside)

65.50

73.45

68.20

Grane (FOB Sture)

62.80

71.55

65.65

Gullfaks Blend (FOB loading buoy)1)3)

65.90

73.85

68.75

Heidrun (FOB Mongstad/delivered Tetney)

62.85

72.05

65.65

Jotun (FOB ship)1)

64.50

71.45

67.35

Norne (FOB ship)1)

66.15

74.90

68.60

Oseberg (FOB Sture)

65.50

73.50

68.25

Statfjord (FOB loading buoy)1)4)

65.55

73.40

67.95

Troll (FOB Mongstad)

66.55

74.65

69.25

Volve ( FOB loading buoy)1)

62.85

71.15

65.90

Åsgard (FOB ship)1)

64.25

72.15

66.65

The following Norm Prices have been set for Njord and Glitne in NOK per barrel, related to Brent around bill of lading:

Date of shipment

Glitne (FOB loading bouy)1)

1.7.2009

419.04

26.7.2009

413.72

19.8.2009

425.18

23.9.2009

374.68

Njord (FOB loading bouy)1)

16.7.2009

406.74

27.8.2009

434.56

The equivalent prices in USD are

Date of shipment

Glitne (FOB loading bouy)1)

1.7.2009

65.60

26.7.2009

66.60

19.8.2009

69.70

23.9.2009

64.40

Njord (FOB loading bouy)1)

16.7.2009

63.65

27.8.2009

72.10

Norm prices form the basis for the taxation of the crude oil producers’ earnings on the Norwegian Shelf. When deciding the norm prices, the Petroleum Price Council shall according to the Petroleum Tax Act, take into account relevant factors such as price and sales data from the companies and perform an assessment of the oil market.

1) The Norm Prices for the shipments from loading buoys have not been adjusted for freight costs in the permit licenses.

2) Gullfaks Blend includes Gullfaks A+B. Gullfaks C and Tordis. Adjustments for freight costs will be made for each field.

3) Statfjord includes Snorre. Adjustment for freight cost will be made for each field.

4) The Norm Price for Brent in August and September is put in brackets because Norm Price is not set for these two months.

Source: Government.no

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