Country intelligence report: Norway

Norway is Western Europe's largest producer of hydrocarbons and has the world's largest sovereign wealth fund with income from its oil and gas revenue. It is the third-largest exporter of natural gas and is an important alternative to Russia's gas supply for the EU.

By Oil & Gas Engineering April 29, 2015

Norway is Western Europe’s largest producer of hydrocarbons and has the world’s largest sovereign wealth fund with income from its oil and gas revenue. It is the third-largest exporter of natural gas and is an important alternative to Russia’s gas supply for the EU.

Basic Facts:

Capital: Oslo

Population: 5,147,792 (CIA World Factbook)

Quick Figures: All figures provided by the U.S. Energy Information Administration 

– Norway is Europe’s largest oil producer, the world’s third-largest natural gas exporter, and an important supplier of both oil and natural gas to other European countries.

– It is the largest oil producer and exporter in Western Europe.

– The country is the world’s third-largest exporter of natural gas after Russia and Qatar, as of 2012.

Hydrocarbons: All figures provided by the BP Statistical Review

Oil reserves at end of 2013: 8.7 billion barrels of oil

Oil production in 2013: 1.8 million bopd

Natural gas reserves at end of 2013: 2 tcm

Natural gas production in 2013: 108.7 bcm

Major companies working in the country:

  • Statoil (national oil company)
  • Aker Solutions
  • ConocoPhillips Scandinavia
  • Chevron Norge
  • BP Norge
  • Bayrengas Norge
  • Det Norske
  • Dong
  • Eni
  • ExxonMobil
  • Hess Norge
  • Lukoil Overseas North Shelf
  • Lundin
  • Maersk Oil Norway
  • Marathon Oil Norge
  • Suncor Energy Norge
  • Total E&P Norge

Some major gasfields and developments:

These four fields accounted for just more than 60% of Norway’s total natural gas production in 2013.

  • Troll, which produced 30 bcm in 2013, represented about 27% of Norway’s total natural gas production that year.
  • Ormen Lange, 21.5 bcm
  • Asgard, 9.62 bcm
  • Kvitebjorn, 6.8 bcm

Goliat is the first oilfield to be developed in the Barents Sea. Oil reserves are estimated at 174 million barrels in two separate reservoirs. Estimated gas reserves are 7.89 bcm. The field is expected to reach peak oil production of 93,000 barrels of oil per day by the second year of production (2016) and decline rapidly thereafter. Gas production will reach its peak of 1.29 Bcf after the first year of production (2015).

– Edited by Oil & Gas Engineering. See more country intelligence reports below.

Original content can be found at Oil and Gas Engineering.