4 – Production

A total of 8,250 million Sm³ oe has been sold from the Norwegian shelf. Annual values for oil and gas are shown in Figure 4-1 . Measured in oe, more gas than oil has been sold over the last ten years. During the 1985–2010 period, the production of oil was significantly higher than that of gas.

At year-end, 93 fields were classified as "in production" on the Norwegian shelf. Nova was the one field that came on stream in 2022. This was in addition to the further development of Hod and Njord coming on stream, and the start-up of Johan Sverdrup phase 2.Two fields shut down in 2022, Knarr and Veslefrikk.

Oil production is presumed to reach a new peak around 2025 of approx. 2 million barrels per day. This is more than 60 per cent of the level in the year 2000.

Gas sales have been at a relatively high level over the last ten years and are expected to remain at this level through 2027 and beyond.

Figure 4 -1 Historical sales of oil and gas with forecast (dotted lines) leading up to 2026.

Without new fields or major investments in existing fields, production from the Norwegian shelf will decline. As a result of high development activity in recent years, we expect production to increase over the shorter term, and these new fields will offset lower production from ageing fields.

The production level is uncertain over the longer term. This will depend, among other things, on which measures are implemented on the fields, which discoveries are approved for development, and when they come on stream. New discoveries, their size and how and when they are developed, will also affect the production level over the longer term. Historical total production and a forecast leading up to 2031, distributed by maturity of resources, is shown in Figure 4-2.

Figure 4 -2 Historical total production and forecast distributed by maturity of resources