Norway pts energy

Why is Norway a key energy partner for the EU?

Norway is a key energy partner for the EU and a major supplier of oil, gas and electricity. In the first 5 months of 2023, Norway was our largest gas supplier, providing 50% of the EU’s pipeline natural gas. In June 2022, the EU and Norway highlighted their strong relationship as neighbours, partners and allies in a joint statement.

Why is Norway a major energy producer and exporter?

At the same time, as a major oil and gas producer and exporter, Norway will need to support an evolution of its energy sector amid a global energy transition. Thanks to its ample reserves of oil and natural gas, Norway is a net energy exporter: in 2020, 87% of its energy production was exported.

Is Norway a natural gas exporter?

Thanks to its ample reserves of oil and natural gas, Norway is a net energy exporter: in 2020, 87% of its energy production was exported. From a global perspective, Norway is the seventh-largest natural gas producer in the world, supplying 3% of global gas consumption.

How much money does Norway invest in oil & natural gas?

Crude oil and natural gas production will continue to play an important role in Norway’s economy. In 2021, total investments in crude oil and natural gas extraction and pipeline transportation totaled nearly $18 billion. Investments in 2021 were about $160 million lower than in 2020.

How much natural gas does Norway produce?

Table 1. Norway's top 10 producing crude oil fields, by volume, 2021 Norway has 51 trillion cubic feet (Tcf) of proved natural gas reserves as of January 1, 2022.10 Norway was the eighth-largest producer of dry natural gas globally and produced 4.1 Tcf of dry natural gas in 2021, according to the Norwegian Petroleum Directorate (Figure 4).

How much oil does Norway produce?

Norway accounted for 2% of global crude oil production and 3% of global natural gas production, based on the latest data available. Norway exports most of the crude oil and natural gas it produces.1 Crude oil and natural gas production will continue to play an important role in Norway’s economy.