Norway Oil & Gas Downstream Market Size
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 2.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Norway Oil & Gas Downstream Market Analysis
Norway's oil and downstream gas market is expected to grow at a CAGR of more than 1% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Currently. The market has reached pre-pandemic levels.
- Over the medium term, increasing consumption of petroleum products is expected to boost the demand for the Norway oil and gas downstream market during the forecast period.
- On the other hand, the rising number of EVs and the government has also pushed towards decreasing dependence on oil and gas, further leading to market stagnation.
- Nevertheless, the increasing need to decrease the sulfur content in the oil to comply with the EU guidelines has led to the requirement for better desulfurization plants all over Europe. A further requirement in reducing sulfur content is expected to act as an opportunity for the market players in the country.
Norway Oil & Gas Downstream Market Trends
This section covers the major market trends shaping the Norway Oil & Gas Downstream Market according to our research experts:
Refining Capacity to Remain Stagnant
- The refining capacity in the country has remained stagnant in the 2015 - 2021 period at 342 thousand barrels per day. This is because no new refining capacity is added to the country from investments.
- Norway has only one major refining facility: the almost 240,000-b/d Mongstad plant, operated by Equinor. Most of the output from the refinery is exported, and Norway is an important supplier of gasoline and diesel fuel to the European Union. In June 2021, the 120,000 b/d Slagen refineries were closed down by Exxon.
- The refining throughput in the country has decreased by 17.4%, to 235 thousand barrels per day (kb/d), in 2021, from 281 kb/d, in 2017. The decrease in throughput is due to the falling demand for refined products.
- Therefore, the refining capacity in the country is expected to remain stagnant in the forecast period as there is very little new investment in the market.
Increasing use of EVs to restrain the market
- Norway has one of the largest markets for electric vehicles, and the market is growing steadily. The country is set to achieve 100% EV sales before 2025. As internal combustion engines use refined products such as gasoline, the rise in the number of EVs is expected to impact the demand for refined products, restraining the market for the downstream sector during the forecast period.
- The sales of battery EV sales increased vastly during the period of 2011-2021. In 2021, sales of EV cars reached 113,715.
- By February 2022, there were more than 470.000 registered battery electric cars (BEVs) in Norway. Battery electric vehicles held a 64 % market share in 2021. Additionally, As of February 2022, we have more than 470.000 EVs and 4.600 cars that can fast-charge at the same time.
- The transition speed is closely related to policy instruments and various incentives. The incentives for EVs in Norway include No purchase/import tax on EVs, exemption from 25% VAT on the purchase, and reduced road tax, among others.
- In Norway, 9,727 electric cars were newly registered in October 2022, giving them a market share of 77.5% of the country's new passenger car registrations. In addition, there were 1,126 plug-in hybrids.
- Due to this, the Norway EV market is expected to grow steadily, reducing gasoline demand and restraining the market's growth during the forecast period.
Norway Oil & Gas Downstream Industry Overview
The Norway oil and gas downstream market is consolidated. Some of the major companies (in no particular order) include EquinorASA, Royal Dutch Shell PLC, Aker BP AS, Total S.A and Exxon Mobil Corporation
Norway Oil & Gas Downstream Market Leaders
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Equinor ASA
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Royal Dutch Shell PLC
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Exxon Mobil Corporation
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Total S.A
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Aker BP AS
*Disclaimer: Major Players sorted in no particular order
Norway Oil & Gas Downstream Market News
- October 2022: INOVYN's petrochemical site in Rafnes, Norway, takes the next step in developing and implementing green technology. As a subsidiary of INEOS, INOVYN will develop and install a new world-leading technology to electrify the production of vinyl chloride on the Rafnes site, replacing fossil fuel with renewable electricity. The project is called "Electra." A decision was made on 23 August 2022 by Enova to support Electra with an investment of USD 1.41 Million, subject to the decision by INEOS to proceed with the project.
- July 2022: a fire broke out Sunday at Norway's sole oil refinery, the Mongstad complex in Vestland, which has led to the fire-damaged section being taken offline while the main processing plant of the refinery remains in operation.
Norway Oil & Gas Downstream Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Scope of the study
- 1.2 Market Definitions
- 1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Installed Refining Capacity and Forecast, in thousand barrels per day, till 2025
- 4.3 Recent Trends and Developments
- 4.4 Government Policies and Regulations
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4.5 Market Dynamics
- 4.5.1 Drivers
- 4.5.2 Restraints
- 4.6 Supply Chain Analysis
- 4.7 PESTLE Analysis
5. MARKET SEGMENTATION
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5.1 Process Type
- 5.1.1 Refineries
- 5.1.2 Petrochemical Plants
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
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6.3 Company Profiles
- 6.3.1 Exxon Mobil Corporation
- 6.3.2 Equinor ASA
- 6.3.3 Royal Dutch Shell PLC
- 6.3.4 Aker BP AS
- 6.3.5 Total S.A
- 6.3.6 Lundin Energy Norway
- 6.3.7 Wintershall Dea AG
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityNorway Oil & Gas Downstream Industry Segmentation
In the downstream sector, crude oil is refined, natural gas is processed and purified, and products derived from crude oil and natural gas are marketed and distributed.
The Norway oil and gas downstream market is segmented by type. By type, the market is segmented into refineries and petrochemical plants. For each segment, the market sizing and forecasts have been done based on refining capacity (million barrels per day).
| Process Type | Refineries |
| Petrochemical Plants |
Norway Oil & Gas Downstream Market Research FAQs
What is the current Norway Oil and Gas Downstream Market size?
The Norway Oil and Gas Downstream Market is projected to register a CAGR of greater than 2% during the forecast period (2024-2029)
Who are the key players in Norway Oil and Gas Downstream Market?
Equinor ASA, Royal Dutch Shell PLC, Exxon Mobil Corporation, Total S.A and Aker BP AS are the major companies operating in the Norway Oil and Gas Downstream Market.
What years does this Norway Oil and Gas Downstream Market cover?
The report covers the Norway Oil and Gas Downstream Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the Norway Oil and Gas Downstream Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Norway Oil and Gas Downstream Industry Report
Statistics for the 2024 Norway Oil and Gas Downstream market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Norway Oil and Gas Downstream analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
