Norwegian oil and gas companies are being called upon to enhance their investments in exploration and production to mitigate an anticipated decline in national output over the coming years, according to a resource report released by the national petroleum industry regulator.
As Europe’s largest gas supplier and a significant oil producer, Norway currently produces around four million barrels of oil equivalent per day. However, many of its major offshore fields are experiencing declines, and there are no new developments planned for the 2030s.
The Norwegian Offshore Directorate has projected that the country’s oil and gas production will peak in 2025, consistent with earlier forecasts. The subsequent decline will largely depend on new discoveries and improved recovery rates from existing fields. Oil and gas production accounts for about a quarter of Norway’s annual GDP, and the financial implications of production levels until 2050 could vary by approximately $1.4 trillion, depending on whether output is high or low.