Country Report
Norway upstream summary
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Norway is Europe's largest oil and gas producer and most important supplier following Russia's invasion of Ukraine in 2022. Gas production reached near record levels in 2022 as producers maximised exports to continental Europe and the UK. Liquid production is expected to rise in 2024 as new projects ramp-up. Norway's temporary tax terms stimulated record investment levels and development activity is high across the shelf. Almost all of Norway's oil and gas is exported with domestic demand being relatively small.
Table of contents
- Executive summary
- Key facts
- Location maps
-
Key companies
- Equinor
- Norway State Direct Financial Interest (DFI)
- Gassco
-
Other investors
- Majors
- Other selected IOCs
- Norwegian focused players
- Selected others
-
Geology
- Introduction
- Central North Sea
- Northern North Sea
- Mid Norway Shelf
- Barents Sea
-
Exploration
- Licensing
-
Drilling
- Drilling activity
- Summary 1966-2017
- Summary 2018+
- North Sea
- Mid Norway
- Barents Sea
- Success rates
- Yet-To-Find
- Reserves and resources
-
Production
- Liquids
- Gas
-
Infrastructure
- Introduction
-
Oil infrastructure
- Key pipelines
- 1975-1999
- 2000-2009
- 2010-onwards
- Terminals
- Refineries
-
Gas infrastructure
- Key pipelines
- 1975-1999
- 2000-2010
- 2010-present
- Gassled
- Future Developments
- Terminals
- LNG processing
-
Costs
-
Capital costs
- Capital expenditure by location
-
Operating costs
- Operating expenditure by location
-
Capital costs
-
Policy and regulation
-
Key legislation
- The Petroleum Taxation Act (1975)
- The Petroleum Act (1996)
-
Regulatory body
- Ministry of Energy (MPE)
- Norwegian Offshore Directorate (NOD)
- Norwegian Ocean Industry Authority (Havtil)
- Norwegian Environment Agency (Miljodirektoratet)
- State participation
-
Licensing
- Exploration Licence
- Production Licence
- Awards in Predefined Areas
- Frontier Round
- Applications
- Pre-qualification process for new entrants
- Scope 3 emission assessment and PDO amendment consultations
- Commerciality and Development Approval
- Norway - UK Cross Border Framework Agreement
- 5 more item(s)...
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Key legislation
-
Fiscal terms
- Overview
- Upstream
-
Mid/Downstream
- Pipelines
- Gas utilisation
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Current fiscal terms
- Basis
- Government equity participation
- Ring fencing
- Bonuses, rentals and fees
- Indirect taxes
- Royalty
- Corporate income tax
-
Special tax
- Temporary terms
- Fiscal treatment of decommissioning
- Product pricing
- Transfer of a licence interest
-
Historical background
- 2022 tax reform
- 2001 tax reform
- 1992 tax reform
- Historical government equity participation
- Historical area rentals changes
- Historical royalty
- Historical corporate income tax
- Historical special tax
- 2 more item(s)...
Tables and charts
This report includes the following images and tables:
- Liquids production by region
- Gas production by region
- Key facts: Table 1
- Country map
- Reserves and resources: Table 1
- Reserves and resources: Table 2
- Liquid Reserves by Sector
- Gas Reserves by Sector
- Reserves and resources: Table 3
- Central & Northern North Sea - structural/topographic map
- Norwegian & Barents Sea - structural/topographic map
- Barents Sea basins
- 41 more item(s)...
What's included
This report contains:
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