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.
Only rarely have we seen so much oil and gas produced on the Norwegian shelf as was the case last year – and only rarely have we seen such significant investment decisions.
The combination of high production of oil and gas from a total of 94 fields, significant demand and high commodity prices led to a historically high level on the State's revenues from petroleum. Much of this is due to record-high gas prices.
Activity on the Norwegian continental shelf last year remained at a high level, despite the ongoing pandemic. The year has been characterised by high production and significant investments in developments and projects on the fields.
Activity on the shelf was high in 2019. There are considerable resources in fields and discoveries, and more yet to be discovered in all sea areas. A record number of fields are producing.
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.