Oil production in Norway, which all comes from offshore
in the North Sea and Norwegian Sea, reached a peak in 2001. Although
many additional fields await development and there are numerous
prospects in shallow and deeper waters these will be unable to
permanently reverse long term decline.
Gas production continues to rise rapidly as new fields are developed, in
particular the Troll field and the deepwater Ormen Lange field. New
developments in the Barents Sea, including Europe’s first LNG plant, are
also stemming declines. Most of Norway’s major gas deposits have now
been exploited and its older fields are nearing the end of their lives
so the country will be increasingy required to search out new supplies
in more difficult areas.
oil consumption is now almost flat whilst its gas consumption is rising
a little, after a brief dip. Exports of oil peaked in 2001 and have
begun declining as production reduces.
However, exports of gas to Western Europe continue to grow rapidly.
Exports are expected to reach a plateau by 2020 after which fields
located in Arctic Russia, along with LNG, will be called upon to support
the import requirements of northern Europe.