Norm prices for Norwegian Crude Oil 4nd quarter 2010

The Petroleum Price Board (PPB) has set Norm Prices for Norwegian crude oil lifted in the 4nd quarter of 2010. 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, Brent and Varg for the 4nd quarter of 2010.

The Norm Prices set by the The Petroleum Price Board in NOK per barrel are found in the excel spread sheet which can be downloaded here.

Norm Prices for Jotun for 4nd quarter for 2010 are delayed og will be set together with Norm Prices for 1nd quarter of 2011.

The Petroleum Price Board makes an annual adjusted of the norm prices based on final reports of the companies’ freight costs. The letter with the final freight adjusted Norm Prices for 2010 can be downloaded here (only in Norwegian). The annual freight adjustemt of Norm Prices will not be done in 2011 and onwards.

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.