Norway's oil production in barrels daily 2000-2018
Oil production in Norway saw a noticeable decline between 2001 to 2013, dropping from 3.4 million barrels per day to 1.8 million. Since then, production experienced a slight recovery and amounted to slightly under two million barrels by 2017. Despite an overall decline during this period, production in the future is expected to increase. In the first quarter of 2019, Norway made five oil and gas discoveries in its territories.
Global context
Whilst Norway is not one of the biggest oil producing countries in the world, meeting around two percent of the global oil demand, it is still an important exporter. In fact, most of the oil that is produced on the Norwegian shelf is exported and represents a significant source of the country’s revenue. In 2018, 33.3 billion U.S. dollars’ worth of crude oil was exported. This was an increase of around seven billion dollars from the previous year. In 2017, approximately 66.67 million metric tons of crude oil were exported from Norway via pipelines and ships.
Depleting North Sea reserves
As of 2017, Norway’s oil reserves amounted to one billion metric tons, a decline of 0.3 billion metric tons when compared to the turn of the century. The North Sea is Norway’s most explored territory, with approximately 65 fields. However, potentially 50 percent of Norway’s undiscovered resources are located in the Barents Sea.
Global context
Whilst Norway is not one of the biggest oil producing countries in the world, meeting around two percent of the global oil demand, it is still an important exporter. In fact, most of the oil that is produced on the Norwegian shelf is exported and represents a significant source of the country’s revenue. In 2018, 33.3 billion U.S. dollars’ worth of crude oil was exported. This was an increase of around seven billion dollars from the previous year. In 2017, approximately 66.67 million metric tons of crude oil were exported from Norway via pipelines and ships.
Depleting North Sea reserves
As of 2017, Norway’s oil reserves amounted to one billion metric tons, a decline of 0.3 billion metric tons when compared to the turn of the century. The North Sea is Norway’s most explored territory, with approximately 65 fields. However, potentially 50 percent of Norway’s undiscovered resources are located in the Barents Sea.
