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Oil production in Norway saw a noticeable decline between 2001 to 2013, dropping from *** million barrels per day to *** million. Since then, production has maintained stable, and amounted to 1.83 million barrels per day in 2024. In the first quarter of 2019, Norway made **** 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 *** 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 2019, ** billion U.S. dollars’ worth of crude oil was exported. In 2024, approximately **** million metric tons of crude oil were exported from Norway via pipelines and ships.

Depleting North Sea reserves

As of 2020, Norway’s oil reserves amounted to *** billion metric tons, a decline of *** billion metric tons when compared to the turn of the century. The North Sea is Norway’s most explored territory, with approximately ** fields. However, potentially ** percent of Norway’s undiscovered resources are located in the Barents Sea.