Norwegians Believe in Strong Demand for Oil and Gas Until 2035
Norwegian Equinor will invest up to $7 billion per year in exploration and production on the Norwegian shelf until 2035.
Norway‘s Equinor plans to invest up to $6.7 billion annually in oil and gas offshore Norway by 2035, anticipating continued high demand for fossil fuels.
Equinor said it could produce 1.2 million barrels of oil per day in Norway in 2035, compared with 1.4 million bpd in 2023, and drill 20-30 exploration wells annually (26 wells in 2023). At the same time, the company claims that it is ready to supply 40 billion cubic meters of gas to Europe annually until 2035.
Earlier, the Norwegian Offshore Directorate, the country‘s offshore production regulator, said that oil and gas production in the country will peak in 2025, but Norway still has hydrocarbon reserves, but most of them are in the little—explored Barents Sea. The regulator called on companies to increase the efficiency of oil production at existing fields and invest in the exploration of new sites.
Norway is the largest gas supplier in Europe and a major oil producer, producing about 4 million barrels of oil per day. However, many of its largest offshore fields are now in decline, and no new projects are planned for the 2030s.
