Norway's gas production hit a record last year, with a slight decline expected this year

Natural gas production in Norway rose by 6.9 percent year on year to a record 124 billion cubic metres last year. A slight decline is expected this year. The Norwegian Offshore Directorate (NOD) reported this today on its website. Norway became Europe's largest supplier of natural gas after Russia's military invasion of Ukraine in 2022. It accounts for approximately 30 percent of all gas imports to the European Union.

„After the transit of gas from Russia through Ukraine ended at the turn of this year, gas from Norway became even more important,“ said NOD Director General Torgeir Stordal.

According to NOD data, gas production in Norway was around 116 billion cubic metres in 2023. That year was heavily affected by maintenance outages. Last year's output also exceeded the previous record set in 2022, when 122.8 billion cubic metres of gas were produced in the country.

Norwegian energy company Equinor also announced a record this week. It operates the Troll field in the North Sea, where it produced 42.5 billion cubic metres of gas last year. This covers more than ten percent of European demand.

According to the NOD forecast, Norway will produce 120.4 billion cubic metres of gas this year, down 2.9 percent year on year. Production is expected to remain at roughly this level until 2027, before falling further to 110.8 billion cubic metres in 2029.

As for oil production in Norway, it is expected to remain roughly unchanged this year compared with last year, at 102.2 million cubic metres. This corresponds to approximately 1.8 million barrels per day, forecasts showed.

By 2029, oil production is expected to fall to 81.2 million cubic metres. The NOD says that further exploration and investment in existing deposits and fields are needed to halt the expected decline. „Without investment, oil activities will be wound down rapidly,” the authority said.

Critics, however, argue that a policy focused on continued exploration and new development conflicts with Norway's international commitment to reduce greenhouse gas emissions from its most polluting sector.