Norway's Natural Gas Production Soars to Record High, Boosting European Exports
Norway's energy sector surged to new heights in December, with natural gas production hitting an all-time high of 379 million cubic meters per day. This exceeded both industry forecasts and the previous record set in 2017. Oil production also surpassed expectations, rising by 1.9% to 1.847 million barrels per day.
This performance follows a challenging 2023, marked by unexpected maintenance shutdowns that hampered output. However, production bounced back strongly in the latter half of the year, particularly for gas, with December setting a new export record of 12 billion standard cubic meters.
Looking ahead, Norway's oil and gas sector is poised for further growth in 2024. Exploration activity is expected to increase significantly, with 40-50 exploration wells planned. Companies are focusing on areas near existing infrastructure for swift development, but the Norwegian Offshore Directorate encourages wider exploration efforts to secure long-term production sustainability.
Key Takeaways:
Norway's natural gas production reached a record high in December 2023, exceeding projections and previous records.
Oil production also surpassed expectations, contributing to a strong close to the year.
After a challenging 2023 due to maintenance issues, the industry rebounded in the latter half, setting new export records for gas.
Increased exploration activity is planned for 2024, with a focus on near-infrastructure areas for faster development.
The Norwegian Offshore Directorate urges continued exploration in frontier areas to ensure long-term production stability.