Norway is a significant player in the global oil and gas industry, with a long history of petroleum production. The country is the largest oil and gas producer in western Europe, with a total output of just over 4 million barrels of oil equivalents per day (boepd).
The oil and gas industry has played a crucial role in Norway’s economy, accounting for a significant portion of the country’s GDP, investments, and exports. The industry has also been a key driver of technological innovation, with Norway continuously seeking new and proven technology to reduce costs, lower emissions, and enhance recovery.
Despite its reliance on oil and gas, Norway has been actively pursuing renewable energy and sustainability initiatives, aiming to reduce greenhouse gas emissions and establish a low-emissions society. The country has set ambitious targets for reducing emissions and has a strong focus on leveraging its clean electricity system, particularly its extensive hydropower resources, to decarbonize various sectors. Norway’s efforts to promote sustainability extend beyond its borders, with the country supporting access to affordable, sustainable, and clean energy in many developing countries
Norway’s role in the global oil and gas industry is significant, with the industry playing a crucial role in the country’s economy. However, Norway’s efforts to promote sustainability and reduce greenhouse gas emissions demonstrate its commitment to addressing the global challenges of climate change and environmental degradation. Norway’s leadership in these areas serves as an example for other countries to follow in promoting a more sustainable future.
The oil and gas industry has been a significant contributor to Norway’s economy, accounting for a substantial portion of the country’s GDP, government revenues, investments and export value. Since the commencement of petroleum activities in the early 1970s, the industry has contributed over NOK 22,000 billion to Norway’s GDP, excluding related service and supply industries. In 2019— petroleum and gas accounted for 48.1% of Norway’s export revenues— approximately USD$52.6 billion