ÌÇÐÄÆƽâ°æ

Norway's oil industry is expected to contribute **** percent to the country's GDP in 2025, highlighting its continued importance to the national economy. This figure represents a slight decline from the peak of **** percent seen in 2022, which was driven by exceptional circumstances in the global energy market. 

Higher export values post-2022

The significance of Norway's oil and gas industry is further underscored by its dominant position in the country's export market. In 2023, petroleum products accounted for ** percent of Norway's total goods exports by value. This represents a substantial increase from previous years, largely attributed to supply constraints and surging oil prices, as well as European efforts to reduce dependence on Russian fuel imports. The export value of petroleum reached *** billion Norwegian kroner in 2023.

Norway continues investing in future production

While Norway's oil production has declined from its peak in the early 2000s, it has stabilized in recent years at around *** million barrels per day. The country continues to actively explore and develop its oil and gas resources, with a record number of drilling licenses awarded in recent years. In 2023, ** licenses were granted, the second-highest figure in the period under consideration. This ongoing investment in exploration and production suggests that Norway is committed to maintaining its position as a significant player in the global oil market, despite increasing focus on climate change mitigation.