Norway's Oil and Gas Strategy: A Vision for the Future

Norway's government plans to present a policy document to parliament addressing the future of its vital oil and gas industry. The document aims to sustain industry growth, despite forecasts of output decline beyond 2026 due to field depletion. Norway remains Europe's top natural gas supplier post-2022.

On Monday, the Norwegian government announced plans to present a policy document to parliament next year focusing on the future of the oil and gas industry, including exploration access for companies.

Prime Minister Jonas Gahr Stoere emphasized the industry's significance to Norway, advocating for its development rather than phasing it out. Official forecasts indicate a steady offshore output in 2026, with declines expected as fields deplete.

The forthcoming white paper will outline the petroleum industry's status and prospects, examining key policy decisions impacting production beyond the 2030s. Norway produces nearly 2% of global oil and became Europe's leading natural gas provider following Russia's 2022 invasion of Ukraine.

(With inputs from agencies.)