Norway produced 2.1 million barrels of petroleum, natural gas liquids (NGLs) and condensate per day last month, up from the prior month and the corresponding period a year ago, the Norwegian Offshore Directorate has reported.
Europe’s increased dependence on Norway’s oil and gas has made the country’s energy installations more at risk of attack, the head of one of the agencies charged with securing them told Reuters on Monday
Italian energy group Eni has concluded the acquisition of UK-headquartered independent Neptune Energy for $4.9 billion.
OSLO, Dec 13 (Reuters) – Oil and gas companies operating in Norway are expected to invest 240 billion Norwegian crowns ($21.85 billion) in 2024, up from 220.5 billion in 2023, and more than previously expected, an industry group said on Wednesday.
Norway has been betting on the continued development of its oil and gas resources and has raised its natural gas production over the past year.
Overall, Norway’s oil and gas production was slightly lower than expected in 2023, largely due to unplanned and extended maintenance shutdowns at multiple fields.
Investments in 2023 and 2024 are rising more than expected at this time last year due to high activity, a weaker Norwegian currency, and growing cost.
Norwegian oil and gas companies will drill more exploration wells this year as the country seeks to maintain its position as a key supplier to Europe.
As early as next year, almost two-thirds of the gas produced by ORLEN Group on the Norwegian Continental Shelf will come from facilities powered by renewable energy produced onshore and delivered with submarine power cables. Such a solution has already been applied to the platforms at the Gina Krog, Ormen Lange, and Duva fields and will result in the abatement of over 88,000 tonnes of CO2 in 2024. There are also plans to electrify the Fenris and Yggdrasil fields, which are currently under development.
Norway has received a large number of applications from energy companies for offshore oil and gas exploration blocks in this year’s licensing round, which had a heavy emphasis on the Barents Sea.
Oil giant Equinor is behind the project, but renewables still make up only a tiny fraction of its total energy production.
Norway’s Ministry of Petroleum and Energy has granted approval for 19 oil and gas projects on the Norwegian Continental Shelf, totaling investments of more than $18.5 billion (NOK 200 billion).