Norway ranks 3rd in the world in natural gas exports and 13th in oil exports. Norway has the largest oil reserves in Western Europe and ships the vast majority of its oil to its European neighbors. With a population of just five million, the Norwegian government ranks 14th in the world in oil production and 8th in natural gas production. The world’s largest oil producer is the United States, which accounts for about 20% of oil production.
Iraq was the world’s second largest oil exporter until 2016, but ranks fifth in 2020 with $45.2 billion in revenue and exported 7.06% of all oil exports in 2020. Kuwait accounted for 4.32% of global oil exports in 2020, supplying $27.6 oil per billion in the same year.
In 2020, Norway exported $22.6 billion worth of oil, or 3.53% of the global oil trade. In 2020, oil accounted for 11.6% of global exports, totaling $74.4 billion. Saudi Arabia also remains the largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC), producing almost 12 million barrels of oil per day, or about 15% of global production in 2020.
According to NPD forecasts, its oil production will increase to 4.33 million barrels of oil equivalent in 2024, up 9.1% from the 2021 provisional figure of 3.97 million barrels. In 2022, total oil production in 2021 is expected to increase to around 239 million standard cubic meters of oil equivalent.
Resource accounts with estimates of produced and remaining resources indicate that 8.1 billion standard cubic meters (sqm) of oil equivalent (boe) remained to be produced from the NKS. In 2021, natural gas accounted for just under 50 percent of total oil equivalent production. According to the Norwegian Petroleum Directorate, in 2021, Norway produced 2.03 million barrels per day of liquid hydrocarbons (+1.2%), of which 1.76 million barrels per day of crude oil (+4%) and 113 billion cubic meters natural gas (+2.6%). ).
Oil production in January 2022 is 2.3% below the forecasts of the Norwegian Petroleum Directorate. Late last year, the Norwegian Petroleum Association said investment in oil and gas outside of Norway would decline by 4.2% in 2021 compared to 2020, less than the industry had feared at the time. Investment in Norway in 2022 – although higher than the previous quarter in the latest survey – still points to an overall decline next year compared to this year.
The Norwegian government is expected to move away from investments in the oil and gas sector and increase investment in alternative energy, which could slow down the growth of the Norwegian oil and gas market during the forecast period. Norway also plans to continue producing significant volumes of oil and gas for decades to come. Whether or not new production is launched, Norway will benefit enormously from the surge in oil and gas prices, which together account for 40% of Norwegian exports. The fall in break-even prices has made many oil and gas projects in the country profitable, which were initially considered economically unfeasible due to low oil prices.
New licenses issued in Norway have opened up 2.8 billion barrels of new oil and gas resources for potential production between 2012 and 2021, nearly 3.5 times that of the UK, Europe’s second-largest producer. Generous tax breaks and technological improvements have lowered the breakeven price for oil production in Norway’s northernmost Barents Sea to $35 a barrel, meaning Norway will produce about 500,000 barrels of oil and gas a day from Arctic offshore fields. Only data from parent company Energy Monitors GlobalData is shown for 2022. Currently, the country has produced about 50% of all available oil reserves, or about 50 billion barrels of oil equivalent.
Over the 50 years of Norwegian production, Norway has run out of about 7.6 billion cubic meters. m AD, or 48% of its total resources. In the last months of 2021, the value of the country’s oil and gas exports was over 100 billion crowns (10 billion euros) per month. Norway recorded record oil and gas exports of NOK 78.5 billion ($8.8 billion) in September 2021, with oil revenues doubling and gas revenues seven times higher than the previous year.
Norwegian oil company Equinor, one of the world’s largest oil and gas producers, also posted a huge profit of $33.7 billion in 2021, ten times the corresponding figure of $3.4 billion in 2020. Gas producer Norway increased gas production in March by 6% compared with March 2021, beating expectations by 6.3%, the Petroleum Directorate (NPD) said on Thursday. Statoil said in its fourth-quarter earnings report that gas production averaged 813,000 barrels of oil equivalent per day, up 17 percent from a year earlier. Total production in Norway will increase slightly to 4 million barrels of oil equivalent per day, thanks to recent and upcoming start-ups including Equinor Martin Linge, Johan Sverdrup Phase 2 and Njord Future, and Wintershall DEA Dvalin.
Petroleum and Energy Minister Tina Bru said Norway’s future oil and gas sector will be “capable of providing low-emission production as part of the Norwegian government’s climate policy.” Solvberg indicated that CO2 emissions from the country’s oil and gas industry should be reduced by at least 50% by 2030 compared to 2005. from the fact that the projects of PJSC Gazprom, ConocoPhillips and TotalEnergies SE mean that oil and gas production in the region will increase by 20% over the next five years.