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
|18 Jan 19
||Norway: Lundin Petroleum awarded 15 licences in the Norwegian licensing round
Lundin Petroleum has announced that its wholly owned subsidiary Lundin Norway has been awarded a total of 15 exploration licence interests in the 2018 Norwegian licensing round (Awards in Predefined Areas, APA).
|18 Jan 19
||Norway: Equinor reduces CO2 emissions from the supply chain by 600,000 tonnes
Since 2011, Equinor has reduced CO2 emissions from its logistical operations for the Norwegian continental shelf (NCS) by 600,000 tonnes. The company’s ambition is to halve emissions in the NCS supply chain by 2030.
|16 Jan 19
||Norway/UK: Faroe announces Edinburgh Prospect Partnership with Shell and Spirit following APA 2018 award
Faroe Petroleum has announced its partnership with subsidiaries of Royal Dutch Shell and Spirit Energy following the award of PL 969 in the recent APA licensing round with the intention to advance the large, cross-border Edinburgh prospect towards a drill decision during 2019.
|16 Jan 19
||Norway: Faroe Petroleum awarded eight exploration licences in the Norwegian North Sea as part of APA 2018
Faroe Petroleum has been awarded eight new prospective exploration licences, including four operatorships, in the Norwegian North Sea under the 2018 Norwegian APA (Awards in Pre-defined Areas) Licence Round.
|16 Jan 19
||Norway: Wellesley Petroleum granted drilling permit for well 25/1-13 in PL 871
The Norwegian Petroleum Directorate has granted Wellesley Petroleum a drilling permit for wildcat well 25/1-13 in production licence PL 871. The well will be drilled about 6 kms southeast of the shut down Frigg field in the central part of the North Sea.
Norway - more news
Other countries in this region
- Bosnia and Herzegovina,
- Czech Republic,
- Faroe Islands,
- United Kingdom,