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Norway’s tax package ends with a bang – but was it a success?

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31 January 2023

Norway’s tax package ends with a bang – but was it a success?

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

    • 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 22 images and tables including:

  • Map showing key projects and postponements
  • Norway fiscal summary
  • Capex sanction v no. of FIDs (Norway)
  • Capex sanctioned in 2022
  • Budget change from DG1 by FID year
  • Budget change from DG1 by operator
  • Cost inflation split by type
  • Reserve change from DG1 to FID
  • First production schedule
  • Pre-tax v post-tax returns
  • Equinor production by development status
  • Aker BP production by development status
  • Aker BP cash flow breakeven
  • Tax package net capex by company
  • Change in company production (2028 vs 2023)
  • Partnership split in tax package projects
  • Norway upstream capex
  • Norway upstream production
  • Oil and gas production (2023)
  • CCUS capacity (2030)
  • Hydrogen capacity (2030)
  • Offshore wind capacity (2030)

What's included

This report contains:

  • Document

    Norway’s tax package ends with a bang – but was it a success?

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