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Proved Norwegian oil reserves 1995-2019

In 2019, Norway’s oil reserves stood at 8.5 billion barrels, an increase from the previous year. However, the country has seen an overall decline in its proved oil reserves since 1995. During this period, reserves were at their peak in 1997 with a volume of 12 billion barrels. This dropped to a low of 6.5 billion by 2014. There has been a slight recovery in recent years, and 2019 saw reserves return to similar levels to those recorded in 2007. Norway’s oil production amounted 1.73 million barrels per day in 2019.

Norwegian shelf exploration

  Covering an area of 142,000 square kilometers, the North Sea is the most explored part of the Norwegian continental shelf, with Norway’s first oil discovery occurring in the Central North Sea area. Presently there are approximately 65 fields in production here. Although North Sea reserves are depleting, an estimated 50 percent of the Norwegian shelf’s undiscovered resources are in the Barents Sea.

Reliance on exports

Norway is an important exporter of oil. Most of the country’s oil is exported and is a main source of revenue. 33.3 billion U.S. dollars’ worth of crude oil was exported by Norway in 2018. The previous year approximately 66.67 million metric tons of crude oil was exported via pipelines and ships.

Proved oil reserves in Norway 1995-2019

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Source

Release date

June 2020

Region

Norway

Survey time period

1995 to 2019

Supplementary notes

Includes crude oil, tight oil, oil sands and NGLs (the liquid content of natural gas where this is recovered separately). Excludes liquid fuels from other sources such as biomass and derivatives of coal and natural gas.
Statistics not show in the PDF were taken from previous versions of the BP Statistical Review report.

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