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Norway expects to receive a record $89.5 billion (884 billion Norwegian crowns) in oil and gas tax revenue for 2022, triple the previous record in 2021, thanks to soaring gas prices last year, the Norwegian Tax Administration said in an estimate on Thursday.
The administration has revised up its estimates for the petroleum tax revenue by 20% from an earlier projection, and the latest figure implies the oil and gas tax revenue has tripled from the previous record year, 2021.
The high natural gas prices drove the record tax revenue from petroleum companies which “has never been anywhere near as high as it is now,” the Norwegian Tax Administration’s director Nina Schanke Funnemark said.
In the previous record year of 2021, Norway’s petroleum tax revenue was $30 billion (295 billion crowns), the administration said.
Norway, Western Europe’s largest oil and gas producer, has benefited a lot from the spike in oil and gas prices since the Russian invasion of Ukraine in February last year. Most of Norway’s government revenues from oil and gas go into the $1.34 trillion Government Pension Fund Global, commonly known as Norway’s oil fund, which is the biggest sovereign wealth fund in the world.
Going forward, Norway is determined to keep high production on its shelf to export more gas and oil to Europe, which is scrambling for supply from sources other than Russia.
Earlier this week, Norway said it would offer up to 92 new blocks for hydrocarbon exploration in the new round of licensing in mature areas.
“Further exploration activity and new discoveries are important to maintain the production of oil and gas over time, both for Norway and Europe,” Petroleum and Energy Minister Terje Aasland said.
Norway will continue to pump the current high volumes of natural gas for at least another five years as operators have pledged $30.3 billion (300 billion Norwegian crowns) to develop new fields and extend the lifetimes of producing fields, the Norwegian Petroleum Directorate said earlier this month.
By Tsvetana Paraskova for Oilprice.com
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Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.