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 |
Government: | constitutional monarchy |
Capital city: | Oslo |
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) |
Licensing: |
Country profile
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
Oil | Gas | |
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.) |
Major fields: |
Norway - recent news
04 Jul 25 |
Norway: Aker BP announces second quarter 2025 trading update Aker BP will publish its report for the second quarter of 2025 on 15 July 2025. Today, the company provides preliminary production and sales figures for the quarter. |
02 Jul 25 |
Norway: DNO secures North Sea gas offtake and related USD 500 million financing facility DNO, the Norwegian oil and gas operator, has announced that the Company’s wholly-owned Norway operating subsidiaries have entered into an offtake agreement with France’s ENGIE for DNO’s Norwegian gas production and secured a related offtake financing facility with a major US bank for up to USD 500 million. |
02 Jul 25 |
Norway: TGS awarded offshore wind site characterization contract TGS, a global leader in energy data and intelligence, has announced the award of a contract for offshore wind site characterization, including acquisition, imaging and interpretation services offshore Norway. Ramform Vanguard will start acquisition in early July, with a duration of approx. 25 days. |
01 Jul 25 |
Norway: Equinor and its partners are investing NOK 13 billion in the third phase of Johan Sverdrup Equinor and its partners are investing NOK 13 billion in the third phase of Johan Sverdrup, one of the world’s most carbon-efficient oil fields. New subsea infrastructure will increase recovery by 40–50 million barrels of oil equivalent (boe). |
30 Jun 25 |
Norway: Equinor announces oil discovery in the Johan Castberg area in the Barents Sea Equinor has struck oil in exploration well 7720/7-DD-1H, Drivis Tubåen, on the Johan Castberg field in the Barents Sea. The well was drilled in the Drivis structure on the Johan Castberg field in the Barents Sea. According to preliminary estimates the size of the discovery is 9-15 million barrels of oil. |
Norway - more news
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