Maris Research

Norway eyes 19% oil production increase to 2024 on Sverdrup success, new projects

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Highlights

Sverdrup phase 2, Johan Castberg to support output

Tax breaks helping stabilize investment

Electrification could underpin 40% abatement of CO2

London — Norway expects its oil production to rise by 19% through to 2024 on the back of new developments such as Johan Sverdrup, while it is eyeing emissions reductions in the order of 40% by the industry, regulator the Norwegian Petroleum Directorate said Jan. 14.

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In an annual update, the NPD confirmed a relatively bullish near-term outlook for Western Europe’s largest oil and gas producer, which accounts for around two-thirds of oil output in the North Sea region, or roughly double the level of the UK.

It estimated Norway’s 2020 oil production at 2.0 million b/d, up 15% from 2019, with the crude oil portion of this amounting to 1.69 million b/d and the remainder being natural gas liquids and condensate.

It expects total liquids output to reach 2.38 million b/d in 2024, with crude output averaging 2.07 million

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