Norway Awards 62 New Oil/Gas Production Licenses; Output Approaches 15-Year High

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The Nordic country that brands itself as a champion in climate and environment appears unwilling to apply to insistent calls from international bodies such as the United Nations and the International Energy Agency for an urgent halt to new oil and gas drilling.

According to the Norwegian Shelf Directorate, Norway will in the years to come increase its oil and gas production to the highest level since 2010. Peak production is estimated in 2025, the annual Shelf Report reads. In 2023, the 92 fields currently in operation on the Norwegian shelf produced 233 standard cubic meters of oil equivalents, which equals about four million barrels of oil equivalents per day.

The growing production is accompanied by a boost in investments. “Compared with forecasts presented in The Shelf last year, we see a relatively large increase in investments for 2023 and 2024,” the report reads.

A total of 27 new oil and gas projects are currently under development on the Norwegian shelf, and 34 exploration wells were spudded in 2023.

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https://thebarentsobserver.com/en/industry-and-energy/2024/01/norway-expands-oil-drilling-boosts-production