Norway's oil production could decline from as early as 2025 unless the government invests in exploration and new technologies, potentially costing the nation billions in revenue.
Norway has been investing heavily both in its renewable energy infrastructure as well as continuing to produce huge quantities of oil and gas for several years. However, with greater pressure from international organisations to curb oil production , a lack of new exploration activities, and worries of a decrease in global demand for fossil fuels in the coming decades, Norway ’s oil production could begin to decline from as early as 2025.
However, the regulator emphasised that the failure to capitalise on Norway’s massive oil and gas reserves, as shown in the high scenario, would equate to losing “nearly an entire government pension fund” – or around $1.42 trillion. Kjersti Dahle, the Director of Technology, Analysis, and Coexistence at the NOD, stated, “This is why we’ll need to ramp up exploration and investment in fields, discoveries and infrastructure moving forward in order to slow the decline in production.
Oil Production Natural Gas Energy Fossil Fuels Renewable Energy Exploration Investment Climate Goals Equinor
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