In the next 4-5 years, gas production in Norway will remain approximately at last year’s level - 122 billion cubic meters, Report informs referring to the Norwegian Petroleum Directorate (NPD).
Last year, production growth compared to the previous year amounted to 9 million cubic meters, with the volume of production at 122 billion cubic meters.
The total hydrocarbon production in Norway in 2022 was approximately 230 million cubic meters of oil equivalent, which is about 4 million barrels per day.
The high level of production can be explained, among other things, by the large number of offshore fields that are being mined. In December, the second phase of the Johan Sverdrup project was launched in the North Sea, and production began at the Nova (formerly Skarfjell) field in August. In addition, old deposits are working longer and producing more than previously predicted, the NPD report notes.
The total investment in the Norwegian oil and gas industry in 2022 was about NOK 300 billion ($30 billion). Over the past year, 32 wells were drilled, which made it possible to discover 11 new deposits. With 13 new field development and life extension projects submitted to the regulator last year, hydrocarbon reserves increased to 252 million cubic meters of oil equivalent, with gas accounting for half of the volume.
The largest new project is Yggdrasil (formerly Noaka) in the North Sea, in which investments could reach 115 billion crowns.