Solid oil and gas production from the region is also providing indispensable resources to Europe and the rest of the world navigating through the energy transition.
“With an impressive growth rate this year, the total investments in the Norwegian oil and gas industry are projected to surpass the record set in 2013, when total investments reached about NOK 205 billion . The investments in 2023 are expected to reach a new all-time high, and this significant increase in investment would mark a new milestone in the oil and gas sector in Norway,” affirms Emil Varre Sandoy, Upstream Vice President at Rystad Energy.
Despite a decline of almost 15%, from a peak of nearly 4.6 million barrels of oil equivalent per day in 2004, Norwegian oil and gas production is set to rise again. By 2025, production might rise back towards peak levels as a result of increased focus on gas production and new projects in the pipeline. These volumes will be produced with one of the world’s lowest COOil and gas investments in the UK have not recovered in the same way as in Norway.