Insight
Norway’s tax package ends with a bang – but was it a success?
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Report summary
35 new projects have been sanctioned during Norway’s temporary – and controversial – tax window. The projects will commit nearly NKr 400 billion (US$50 billion) of investment and will deliver 2.5 billion boe of reserves. The projects, some of which were previously considered marginal, will produce 800,000 boe/d at peak. In this insight, we answer the following questions: Where does Norway rank globally for FIDs? How is this unprecedented level of activity impacting costs and project schedules? What does it mean for Equinor and Aker BP? What's next for Norway's offshore energy industry?
Table of contents
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Executive summary
- The tax package incentivises a record number of FIDs
- An unprecedented level of activity will bring challenges
- Not all projects have gone ahead as planned
- Corporate perspective – Aker BP and Equinor dominate
- Was it a success?
- What next for Norway?
Tables and charts
This report includes the following images and tables:
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Map showing key projects and postponementsNorway fiscal summaryCapex sanction v no. of FIDs (Norway)
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Capex sanctioned in 2022Budget change from DG1 by FID yearBudget change from DG1 by operatorCost inflation split by typeReserve change from DG1 to FIDFirst production schedulePre-tax v post-tax returnsEquinor production by development statusAker BP production by development status
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What's included
This report contains:
