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Norway faces higher risk of oil and gas decline after 2030

The Norwegian Offshore Directorate expects production to stay near current levels into the end of the 2020s before declining, with 2035 output projected around 160 million standard cubic meters of oil equivalent.

Reported · Written up by our desk · Energy

Norway is producing oil and gas faster than new resources are being found, raising the risk of a sharp decline after 2030, according to a report from the Norwegian Offshore Directorate as cited by OilPrice.

The Directorate said Norwegian oil production hit its highest level since 2009 last year, while petroleum investment in 2026 is estimated at about $25 billion.

It warned that much of current spending supports projects and discoveries made years earlier, and that keeping production beyond this decade will require more exploration, quicker development of existing discoveries, and continued investment in mature fields and infrastructure.

The report projects that production will remain close to current levels until the end of the 2020s, then begin to decline, with total petroleum production falling by 2035 to around 160 million standard cubic meters of oil equivalent, roughly 1 billion barrels of oil equivalent annually, or about 2.76 million barrels of oil equivalent per day.

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