Norm prices for Norwegian crude oil 4rd quarter 2009

The Petroleum Price Board (PPB) has set Norm Prices for Norwegian crude oil lifted in the 4rd 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 4rd quarter of 2009.

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

30 days of credit for the 4rd quarter of 2009:

October November December
Brent Blend (FOB Sullom Voe) 410.51 432.46 427.46
Alvheim (FOB loading buoy)1) 415.59 440.64 436.08
Ekofisk (FOB Teesside) 414.18 436.69 431.77
Grane (FOB Sture) 405.15 427.38 416.81
Gullfaks (FOB loading buoy)1)2) 414.46 438.95 434.36
Heidrun (FOB Mongstad/deliverd Tetney) 401.20 424.28 418.83
Jotun (FOB ship)1) 406.28 426.25 425.73
Norne (FOB ship)1) 420.95 440.64 432.35
Oseberg (FOB Sture) 415.59 437.26 431.77
Statfjord (FOB loading buoy)1)3) 413.62 436.13 430.33
Troll (FOB Mongstad) 422.36 443.74 439.54
Volve (FOB loading buoy)1) 398.38 421.46 412.50
Åsgard (FOB ship)1) 408.54 432.18 426.59

By using a monthly average exchange rate:

October November December
NOK/USD 5.6428 5.6420 5.7531

The equivalent prices in USD are:

October November December
Brent Blend (FOB Sullom Voe) 72.75 76.65 74.30
Alvheim (FOB loading buoy)1) 73.65 78.10 75.80
Ekofisk (FOB Teesside) 73.40 77.40 75.05
Grane (FOB Sture) 71.80 75.75 72.45
Gullfaks (FOB loading buoy)1)2) 73.45 77.80 75.50
Heidrun (FOB Mongstad/deliverd Tetney) 71.10 75.20 72.80
Jotun (FOB ship)1) 72.00 75.55 74.00
Norne (FOB ship)1) 74.60 78.10 75.15
Oseberg (FOB Sture) 73.65 77.50 75.05
Statfjord (FOB loading buoy)1)3) 73.30 77.30 74.80
Troll (FOB Mongstad) 74.85 78.65 76.40
Volve (FOB loading buoy)1) 70.60 74.70 71.70
Åsgard (FOB ship)1) 72.40 76.60 74.15

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 ship)1) 20.10.2009 413.85
16.11.2009 417.72
14.12.2009 397.80
Njord (FOB ship)1) 07.10.2009 386.68
27.11.2009 438.86
Draugen (FOB ship)1) 02.10.2009 384.86
11.10.2009 395.32
30.10.2009 433.73
14.11.2009 429.40
30.11.2009 435.20
13.12.2009 407.02
29.12.2009 443.33

The equivalent prices in USD are

Date of shipment
Glitne (FOB ship)1) 20.10.2009 74.15
16.11.2009 74.55
14.12.2009 69.05
Njord (FOB ship)1) 07.10.2009 67.95
27.11.2009 77.80
Draugen (FOB ship)1) 02.10.2009 66.65
11.10.2009 70.35
30.10.2009 76.00
14.11.2009 76.70
30.11.2009 77.15
13.12.2009 70.65
29.12.2009 76.45

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.

Source: Ministry of Petroleum and Energy

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