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Each year, in January, the Norwegian Petroleum Directorate presents The Shelf – a summary of the past year; including results from exploration and production activity, along with investment and production forecasts for the next five years.
The Norwegian Petroleum Directorate’s forecasts show that, after a minor decline in 2019, oil and gas production will increase from 2020 and up to 2023. Overall production will then approach the record year of 2004.
Never before has so much gas been sold from the Norwegian shelf as was the case in 2017. Oil production was down slightly; nevertheless, overall production rose for the fourth straight year.