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
|17 Jun 19
||Norway: Equinor announces oil and gas discovery in the Norwegian Sea
Equinor and its partners Ineos E&P and Faroe Petroleum have made an oil and gas discovery in exploration well 6507/3-13 Snadd Outer Outer/Black Vulture in PL 159B in the Norwegian Sea. The well had two different reservoir targets; an upper drilling target containing 2-12 million barrels of oil equivalent (boe) of gas and a lower target with an estimated volume of 1-48 million barrels of recoverable oil equivalent.
|17 Jun 19
||Norway: Dolphin Drilling awarded contract for Knarr field drilling
Dolphin Drilling has signed a contract with Norske Shell for drilling at the Knarr field on the Norwegian continental shelf. The contract includes drilling of one well and two one well options.
|16 Jun 19
||Norway: Aker BP announces removal of Valhall QP topside as part of modernisation
Aker BP reports that the original accommodation platform at Valhall (QP) in the southern part of the North Sea has been safely removed by the giant vessel Pioneering Spirit. This was the first of the original structures at Valhall to be removed as part of the modernization of the Valhall field centre.
|13 Jun 19
||Norway wealth fund must ditch ConocoPhillips after index review
Norway’s wealth fund will have to divest its holdings in ConocoPhillips and Hess after both U.S. oil companies were added to a list which effectively excludes them from the Nordic country’s portfolio.
|13 Jun 19
||Norway: Equinor awards contract for subsea pipelines and marine operations for Johan Sverdrup phase II
On behalf of the Johan Sverdrup licence, Equinor is awarding the contract for subsea pipelines and associated marine operations in the second project phase to Subsea 7. This will increase the share of contracts awarded to Norwegian suppliers in phase 2 of the Johan Sverdrup project to 85 percent.
Norway - more news
Other countries in this region
- Bosnia and Herzegovina,
- Czech Republic,
- Faroe Islands,
- United Kingdom,