It has been reported that Statoil ASA, the oil giant primarily based in Norway, is currently considering a delay in some natural - gas production in Norway till the year 2012. They were actually offering a very cautious outlook on the output which actually offers the glut concerns from the latest evidence to be a serious threat even though there has been a huge rise by almost threefold in its profit for the last quarter.

The basis for this delay of production is that they believe that there will be higher value for the product by actually pushing the production that was happening in time. If their belief turns out to be true then they would go ahead with delaying the production which is supposed to increase the demand.

This decision comes right after the production of the liquefied petroleum gas which boomed earlier. Apparently, they were not the only ones to consider this as Russia and Qatar have already pushed back a few gas schemes. It has also been reported that this gas exporter, which is the third largest in the world, also plans to drill more than 50 wells in the year 2010.