Norway has record oil and gas revenues in 2021

Norway ramped up oil and gas production in 2021. The national oil produced volume reached 102.3 million cubic meters, which is 4 million cubic meters more than in the previous year. At the end of the year, gas production also increased by 3 billion cubic meters, amounting to 113 billion cubic meters. In total, the previous year, the country produced about 230.5 million cubic meters of oil equivalent of hydrocarbons. This indicator slightly exceeded the production volume in 2020, but the significantly increased price for natural gas became the reason that Norway recorded the highest income from the oil and gas sector in the entire history at the end of the year. This conclusion of the Norwegian Petroleum Director was not supported by specific figures, but the department said that 147 billion Norwegian kroner were invested in the oil and gas industry last year, which is lower than the 2020 figure of 154 billion kronor. And this figure in 2022 will continue to decline, amounting, according to the Directorate’s estimates, to 132 billion kroons. Nevertheless, this sector’s investments are expected to increase in the coming years. By 2025, investments can grow to 165 billion kroons.

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Arseny Kudrin

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