• 3 minutes "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 9 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 7 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 5 days Energy Armageddon
  • 3 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 13 hours "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 19 hours "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 16 hours "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 20 hours The Federal Reserve and Money...Aspects which are not widely known
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 2 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 5 days Сryptocurrency predictions
  • 2 days Goldman Betting on Cryptocurrencies
  • 10 days Putin and Xi Bet on the Global South
EU Discusses $65-70 Price Cap On Russian Oil

EU Discusses $65-70 Price Cap On Russian Oil

The European Union is currently…

WoodMac: U.S. To Triple LNG Exports By 2033

WoodMac: U.S. To Triple LNG Exports By 2033

The United States is set…

Norway To Boost Oil & Gas Production As It Expects Record 2023 Revenue

Western Europe’s biggest oil and gas producer, Norway, expects its oil and liquids production to rise by 15% next year with the second phase of the Johan Sverdrup oilfield development and the start-up of the Johan Castberg oilfield, the government said in its draft budget on Thursday.

Natural gas production in Norway, which supplies around 25% of the gas consumed in the EU and the UK, is expected to rise by 8 percent in 2022 compared to 2021, the government’s latest estimates showed.

“The energy crisis in Europe makes Norwegian gas sales even more important for Europe than before,” Norway says.

Revenues from petroleum activities are expected at $132 billion (1.4 trillion Norwegian crowns) – a record high – in 2023, compared to an expected $113 billion (1.2 trillion crowns) for 2022, and nearly five times higher than the 2021 revenues from oil and gas, according to the government’s budget draft. The high expected income from petroleum activities will mostly reflect expected high oil prices, and especially gas prices, as well as a weaker exchange rate for the Norwegian crown.

Earlier this year, Norway’s authorities approved applications from operators to boost production from several operating gas fields, to allow higher gas production as its key partners, the EU and the UK, scramble for gas supply ahead of the winter.  

The new oil and gas development projects will help Norway maintain a relatively high level of oil and gas production until 2030 and continue to be a stable energy supplier to Europe, Norway’s Minister of Petroleum and Energy, Terje Aasland, said, commenting on the budget.

However, Norway needs continuous efforts from operators on the shelf to increase production, develop new fields, and make new discoveries in order to offset a natural decline in production from operating oil and gas fields over time, Aasland said.  

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News