Norway's oil output is expected to rise by 6.9% this year as the huge Johan Sverdrup field ramps up production while gas volumes are predicted to remain unchanged near record highs, the Norwegian Petroleum Directorate (NPD) said on Monday.
Investment by oil and gas producers, including for exploration, is expected to rise to 189 billion Norwegian crowns this year and peak at 202 billion crowns in 2025, up from 172 billion crowns in 2022, the NPD said in a statement.
"This will help to ensure that Norway can continue to be a reliable supplier of energy to Europe," said NPD Director General Torgeir Stordal. The combined volume of oil and gas is expected to rise to 4.12 million barrels of oil equivalent per day in 2023, up from a preliminary 3.99 million boed last year, the NPD's forecasts show.
Overall Norwegian output is forecast to continue to rise in the coming years, hitting a two-decade high of 4.3 million boed in 2025, just shy of a record 4.54 million barrels produced in 2004, the NPD predicted. The country's gas output is expected to stay virtually unchanged in 2023 at 122 billion cubic metres , or 2.1 million barrels of oil equivalent per day, the NPD said, in line with a recent government projection.
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