Europe / Caspian / CIS
Country profile: Norway
|Location:||Northern Europe, bordering the North Sea and the North Atlantic Ocean, west of Sweden|
|Climate:||temperate along coast, modified by North Atlantic Current; colder interior with increased precipitation and colder summers; rainy year-round on west coast|
|Terrain:||glaciated; mostly high plateaus and rugged mountains broken by fertile valleys; small, scattered plains; coastline deeply indented by fjords; arctic tundra in north|
|Size:||323802 sq. km total (Land area: 307442 sq. km Water area: 16360 sq.km)|
|Population:||4,644,457 (July 2008 est.)|
|Languages:||Bokmal Norwegian (official), Nynorsk Norwegian (official), small Sami- and Finnish-speaking minorities; note - Sami is official in six municipalities|
|Legal system:||mixture of customary law, civil law system, and common law traditions; Supreme Court renders advisory opinions to legislature when asked; accepts compulsory ICJ jurisdiction with reservations|
|Currency:||Norwegian krone (NOK)|
Norway is an advanced, highly-developed economy that has greatly benefited from the utilization of its hydrocarbon resources. In 2005, the country had a gross domestic product (GDP) of $295 billion, and a per-capita GDP of $64,000, which is one of the highest in the world. The Norwegian economy grew by 2.5 percent in 2005, and is forecasted to grow by 2.2 percent in 2006. Norway’s economy is highly dependent on its offshore oil and natural gas sector, which provides the government with its largest single source of revenue and the largest contribution to GDP. In recent years, high oil prices have made for government budget and current account surpluses, and rising disposable income.
Norway's dependence upon oil and gas revenues present long-term challenges for the country, especially because many industry analysts believe that North Sea oil and gas production has already reached or passed its peak. In particular, the country faces pension liabilities and other welfare obligations. In response to these challenges, the Norwegian government created the Petroleum Fund in 1990, later renamed the Government Pension Fund in 2005. A portion of annual oil and gas revenues flow into the Fund each year, which serves the dual purpose of buffering the short-term variations in oil revenues and providing a mechanism to transfer current wealth to future generations. The Fund, which holds a combination of cash, bonds, and shares, holds only international assets and stood at some $240 billion in March 2006.
The latest nationwide election in October 2005 had important repercussions for Norway’s future energy policy, because the largest coalition members (Labour and Socialists) disagree on whether or not to pursue exploration activities in the Barents Sea. In March 2006, the government presented its management plan for the Barents Sea. The plan allows new exploration in some areas of the Barents Sea, but it also places a moratorium on other, ecologically-sensitive parts of the region until 2010. In addition, the plan allows existing exploration activities in the Barents Sea to continue. With declining production from existing areas, Norway must explore these frontier regions in order to maintain oil and natural gas production in the long-term.
Energy production and consumption
|Production:||2 million bbl/day (2005 est.)||83 billion cu m (2005 est.)|
|Consumption:||228,400 bbl/day (2005 est.)||5 billion cu m (2005 est.)|
|Exports:||3 million bbl/day (2005 est.)||78 billion cu m (2005 est.)|
|Imports:||91,930 bbl/day (2005 est.)|
|Reserves:||7 billion bbl (1 January 2006 est.)||2 trillion cu m (1 January 2006 est.)|
Norway - recent news
|20 Mar 19
||Norway: Equinor awards contract for subsea production system for Johan Sverdrup phase 2
Equinor has awarded a contract for constructing and installing the subsea production system for Johan Sverdrup phase 2 to TechnipFMC. Production start of phase 2 is scheduled for Q4 2022.
|19 Mar 19
||Norway: Spirit Energy's Oda field on stream almost five months ahead of plan
Spirit Energy has started oil production on the Oda field, almost five months earlier than the original plan. The project has also come in under budget, with development costs reduced by around 15 percent.
|19 Mar 19
||Norway: Aker BP announces oil and gas discovery northwest of the Boyla field
Aker BP, operator of production licence PL 869, has concluded the drilling of wildcat well 24/9-14 S and a horizontal appraisal well, 24/9-14 A. The wells encountered oil and gas and preliminary estimates place the size of the discovery between 10 and 21 million standard cubic metres (Sm3) of recoverable oil equivalents.
|17 Mar 19
||Norway's production decreases in February 2019
Preliminary production figures for February 2019 show an average daily production of 1,745,000 barrels of oil, NGL and condensate, which is a decrease of 75,000 barrels per day compared to January. The main reason for production in February being below forecast is technical problems on some fields.
|15 Mar 19
||Norway: Johan Sverdrup living quarters topside ready for sail-away
With 560 beds the Johan Sverdrup living quarters topside is the largest of its kind in Norway. The fourth and last platform for the first phase of the giant project is now ready for sail-away from Kværner’s yard on Stord to the Johan Sverdrup field, where it will be installed in a single lift.
Norway - more news
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