FAST FIVE: Norway To Boost Oil & Gas Production As It Expects Record 2023 Revenue

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Norway To Boost Oil & Gas Production As It Expects Record 2023 Revenue Authored by Charles Kennedy via OilPrice.com, Western Europe's biggest oil and gas producer, Norway, expects its oil and liquids production to rise by 15% next year with the second phase of the Johan Sverdrup oilfield development and the start-up of the Johan Castberg oilfield, the government said in its draft budget on Thursday.

“The energy crisis in Europe makes Norwegian gas sales even more important for Europe than before,” Norway says.

The high expected income from petroleum activities will mostly reflect expected high oil prices, and especially gas prices, as well as a weaker exchange rate for the Norwegian crown.

Earlier this year, Norway's authorities approved applications from operators to boost production from several operating gas fields, to allow higher gas production as its key partners, the EU and the UK, scramble for gas supply ahead of the winter.

However, Norway needs continuous efforts from operators on the shelf to increase production, develop new fields, and make new discoveries in order to offset a natural decline in production from operating oil and gas fields over time, Aasland said.

Categories: ZH