Europe / Caspian / CIS

Norway flag
Summary | Profile

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

27 May 24
Norway: SLB OneSubsea awarded contract for Phase 3, Stage 2 of Equinor’s North Sea Troll project
SLB has announced the award of a sizeable contract by Equinor to its OneSubsea joint venture. The award leverages an existing long-term contract for the execution of the second stage of Phase 3 for Equinor’s Troll project in the North Sea, offshore Norway. The objective for Troll Phase 3, Stage 2 is to accelerate production from the reservoir equivalent to about 55 billion standard cubic meters of gas.
27 May 24
Norway: Var Energi sells Bøyla asset as part of portfolio optimisation
Vår Energi has signed an agreement with Concedo for the disposal of a 20% interest in the Bøyla field for a consideration of USD 24 million. The Bøyla field is a mature producing field located in the North Sea operated by Aker BP (80%). The field started production in 2015 and is developed with a subsea template tied-back to the Alvheim FPSO.
24 May 24
Norway: Equinor investing to maintain high gas production at Troll
Equinor and the Troll partners have decided to invest just over NOK 12 billion to further develop the gas infrastructure in the Troll West gas province. This will accelerate production from the reservoir and thus maintain the current high gas export levels from the Troll and Kollsnes value chain leading up to 2030.
23 May 24
Norway: Equinor makes oil discovery in well 25/11-H-1 H at the Svalin field in the North Sea
Equinor has made an oil discovery in well 25/11-H-1 H at the Svalin field in the North Sea. The licensees will consider whether the discovery is sufficiently profitable for production.
22 May 24
Norway's oil production in April higher than the Norwegian Offshore Directorate’s forecast
Preliminary production figures for April 2024 show an average daily production of 2,104,000 barrels of oil, NGL and condensate. Oil production in April is 5.2 percent more than the NOD’s forecast and 2.7 percent more than the forecast so far this year.

Norway - more news

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