OSLO--Norway needs to make a new giant oil and gas discovery every other year for the next decade to offset falling production, Statoil ASA's Chief Financial Officer Torgrim Reitan said Wednesday.

"We expect the production on the Norwegian shelf to go on pretty well until 2020 or 2025, and after that it will fall," Mr. Reitan told Dow Jones Newswires on the sidelines of a parliament hearing on Norway's public financing needs up to 2060.

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