Norway, record natural gas exports - Production reached 124 billion cubic meters in 2024
Norway reached a record level of natural gas exports in 2024, with industry forecasts indicating that these figures will remain stable in the near future. Gas production peaked at 124 billion standard cubic meters in 2024, surpassing the total of 122.8 billion in 2022.
These figures highlight that Norwegian gas has become even more important since the disruption of supplies from Russia via Ukraine. This production is expected to maintain momentum before a gradual decline towards the end of the 2020s.
To mitigate the expected decline in production, the state institution emphasizes the importance of continued exploration near existing infrastructure and in new frontier areas. Furthermore, further investments in exploration and infrastructure are considered crucial.
Investment in Norwegian oil and gas is forecast to reach $23 billion this year, an increase of 2.5% from last year.
Exploration activity in 2024 also remained high, with numerous small discoveries being evaluated for potential development. Norway expects around 40 exploration wells this year in the North Sea, Norwegian Sea and Barents Sea.
Since 2021, the International Energy Agency has called for an end to all new oil exploration projects, in an effort to limit global warming to 1.5 degrees Celsius from the pre-industrial era.
The agency expects demand for all fossil fuels, oil, gas and coal, to peak in the coming years, thanks to the rise of green energy and electric cars.
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