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
23 Jul 24 |
Norway's oil production in June is higher than the Norwegian Offshore Directorate’s forecast Preliminary production figures for June 2024 show an average daily production of 1,982,000 barrels of oil, NGL and condensate. Oil production in June is 0.5 percent more than the NOD’s forecast and 2.4 percent more than the forecast so far this year. |
23 Jul 24 |
Norway: Var Energi reports strong operational and financial performance in the second quarter and first half of 2024 Vår Energi reports strong operational performance and financial results in line or better than guidance. The Company is on track to deliver on the 2025 growth target and unlock future value. |
17 Jul 24 |
Norway: OKEA announces second quarter 2024 financial results OKEA has announced second quarter 2024 financial results. OKEA delivered operating income of NOK 2,584 (3,474) million and EBITDA of NOK 1,617 (2,159) million in the second quarter of 2024. Net production to OKEA was 38.4 (42.1) kboepd in the quarter. Amounts in parentheses refer to previous quarter. |
15 Jul 24 |
Leading hydrocarbon company selects Vow technology to convert plastic waste into fuel ETIA Ecotechnologies, a subsidiary of Vow ASA, has signed a partnership and services and supply agreement with a leading international independent hydrocarbon company operating globally to further advancing plastic-to-fuel conversion technology towards industry-scale application. |
15 Jul 24 |
Norway: Longboat Energy completes sale of shares in Longboat Japex Norge Longboat Energy, a Southeast Asian focused E&P company, has completed the sale of its 50.1% holding in Longboat Japex Norge to its joint venture partner Japan Petroleum Exploration ('JAPEX'). |
Norway - more news
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