Country Report
Norway upstream summary
Report summary
Norway is Europe's largest oil and gas producer and most important supplier following Russia's invasion of Ukraine in 2022. Liquid production is expected to remain above 2 million b/d until 2026. Gas production will remain above 11 bcfd (120 bcm/year) until 2024 as producers maximise exports to continental Europe and the UK. Norway's demand for oil and gas is relatively small. Most of the state income from the oil and gas industry is put into the Government Pension Fund of ...
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
-
Geology
- Introduction
- Central North Sea
- Northern North Sea
- Mid Norway Shelf
- Barents Sea
-
Exploration
- Licensing
-
Drilling
- Drilling activity
- Overview
- Historical activity
- Recent activity
- 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 Petroleum and Energy
- Norwegian Petroleum Directorate (NPD)
- The Petroleum Safety Authority (PSA - Petroleumstilsynet)
- Norwegian Environment Agency (Miljodirektoratet)
- State participation
-
Licensing
- Exploration Licence
- Production Licence
- Awards in Predefined Areas
- Frontier Round
- Applications
- Pre-qualification process for new entrants
- Commerciality and Development Approval
- Norway - UK Cross Border Framework Agreement
- Third Party Access to Facilities
- Reporting guidelines for oil companies
- The Integrated Management Plan
-
Carbon Capture and Storage (CCS)
- Sleipner
- Snøhvit
- Northern Lights (Longship)
- Smeaheia and Polaris
- Offshore wind
-
Key legislation
-
Fiscal terms
- Overview
- Upstream
-
Mid/Downstream
- Pipelines
- Gas utilisation
-
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
- Historical treatment of exploration costs
- Historical fiscal treatment of decommissioning
Tables and charts
This report includes 52 images and tables including:
- 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
- Licence activity
- Exploration: Table 1
- Production: Table 1
- Production: Table 2
- Liquids production by region
- Production: Table 3
- Production: Table 4
- Liquids Production by Development Status
- Production: Table 5
- Production: Table 6
- Gas production by region
- Production: Table 7
- Production: Table 8
- Gas production by development status
- Norwegian oil pipelines and terminals in the Central North Sea
- Norwegian oil pipelines and terminals in the Northern North Sea
- Norwegian gas pipelines and terminals in the Northern and Central North Sea
- Norwegian gas pipelines and terminals in Mid Norway
- Concessions
- Fiscal terms: Table 6
- Reserves and contingent resources at 01/01/2024
- Liquids and Gas Production 2023
- Capital Expenditure 2023
- Net Acreage 2024
- Drilling activity by well type (to end-2022)
- Exploration drilling by region (to end-2022)
- Sub-commercial and commercial success rates
- Infrastructure: Table 1
- Infrastructure: Table 2
- Costs: Table 1
- Costs: Table 2
- Costs: Table 3
- Costs: Table 4
- Fiscal terms: Table 2
- Fiscal terms: Table 3
- Fiscal terms: Table 4
- Fiscal terms: Table 5
- Fiscal terms: Table 7
- Fiscal terms: Table 8
- Fiscal terms: Table 9
What's included
This report contains:
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