Norwegian Oil production rose dramatically from 1980 until the mid-1990s, but has since begun to decline (see chart). During the first half of 2006, Norways oil production averaged 2.8 million bbl/d. As North Sea fields continue to mature, Norwegian oil production will likely remain steady or decline, though there is some hope that new developments in the Barents Sea will offset some of this decline. Currently, the largest oil field in Norway is Ecofisk, operated by ConocoPhillips, which produced 280,000 bbl/d in Jan-May 2006. Other important oil fields include Grane (220,000 bbl/d), Troll (202,000 bbl/d), Heidrun (140,000 bbl/d), and Gullfaks (130,000 bbl/d). Statoil controls the largest share of total oil production, followed by Norsk Hydro. The largest foreign oil producer is ConocoPhillips. Industry analysts consider the NCS a mature oil producing region. Most of the countrys flagship oil fields have peaked, with production remaining flat or declining slightly. For example, the Oseberg complex produced 503,000 bbl/d in 1993, but only 120,000 bbl/d during the first half of 2006. Companies are still discovering oil in the NCS, but none of the recent finds have been significant. In 2003, the Norwegian Ministry of Petroleum and Energy (MPE) reported that oil companies made eleven new discoveries, potentially holding 189 to 566 million barrels of oil, far less than what the country produced for the year. There are about 60 oil and Natural Gas discoveries that are still undeveloped, representing about 4.4 billion barrels of liquids and 16 trillion cubic feet (Tcf) of natural gas. Drilling activity in 2005 was down from the previous year, after also falling in 2004.The NCS region has traditionally been accessible only by international oil majors, due to the harsh weather and operating conditions requiring sizable initial investments. Further, the structure of Norways petroleum taxes means that smaller, marginal fields often are not profitable. Finally, stringent environmental, safety, and labor regulations further increase operating costs. However, as is the case with the United Kingdom, many oil majors have begun to withdraw from the NCS in order to pursue projects in high-growth regions. Statoil and Norsk Hydro have begun to sell NCS interest in order to pursue projects in Latin America and Africa. BP has also started to pull back from the NCS, selling its interest in the Gyda field in 2003 to Talisman Energy and declining to bid in Norways latest licensing round. Other new entrants include UK-based Paladin Resources, Revus Energy, and Petra. Some outside observers have noted that the entrance of smaller firms will benefit Norways oil sector, as they are interested in developing mature fields and smaller undeveloped oil pools, in which larger companies are no longer interested.