Market Size of Norway Oil and Gas Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 7.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Norway Oil & Gas Market Analysis
The Norwegian oil and gas market is expected to register a CAGR of more than 7.5% during the forecast period of 2022-2027. The COVID-19 pandemic has adversely affected the market by lowering the demand in 2020. However, the oil production cuts by OPEC plus and rising demand in 2021 have mostly nullified the effects of the pandemic. Furthermore, the conflict between Russia-Ukraine has exasperated the requirement for Norwegian natural gas in Europe. Factors such as increasing demand for oil and gas coupled with new discoveries in the North Sea and Norwegian continental shelf are likely to drive the oil and gas market in Norway during the forecast period. However, the Norwegian government is pushing toward alternative energy sources, which may hinder the growth of Norway's oil and gas market during the forecast period.
- The oil and gas upstream sector is expected to dominate the Norwegian oil and gas market, owing to discoveries in the North Sea.
- The increasing demand for LNG in the country leads to the integration of smart technologies in the existing LNG infrastructure, which may create an ample number of opportunities for the market in the coming years.
- Increasing investments are expected to drive the Norwegian oil and gas market, mainly in the gas fields of the North Sea.
Norway Oil & Gas Industry Segmentation
The Norwegian oil and gas market report includes:
Norway Oil and Gas Market Size Summary
The Norwegian oil and gas market is poised for significant growth, driven by increasing demand for energy and new discoveries in the North Sea and Norwegian continental shelf. The market's recovery from the COVID-19 pandemic was bolstered by OPEC+ production cuts and rising demand, particularly in Europe, exacerbated by the Russia-Ukraine conflict. Despite the Norwegian government's push towards alternative energy sources, the upstream sector remains dominant due to ongoing exploration activities and investments in gas fields. The integration of smart technologies in LNG infrastructure is expected to create new opportunities, further enhancing the market's growth prospects.
Investments in new oil and gas fields are crucial for offsetting production declines from maturing assets, with operators in the North Sea undertaking significant projects. The transition from coal to natural gas in Europe is anticipated to boost demand for Norwegian natural gas, as nearly all of it is exported to European countries. The market is moderately fragmented, with key players like Equinor ASA, Aker BP ASA, TotalEnergies SE, Shell PLC, and Exxon Mobil Corporation actively participating in development plans and investments. These efforts, coupled with the discovery of new reserves, are expected to drive the Norwegian oil and gas market forward during the forecast period.
Norway Oil and Gas Market Size - Table of Contents
-
1. MARKET OVERVIEW
-
1.1 Introduction
-
1.2 Oil and Gas Proven Reserves in Norway
-
1.3 Crude Oil Production Forecast in thousand barrels per day, Norway, till 2027
-
1.4 Refining Capacity and Forecast in thousand barrels per day, till 2027
-
1.5 Average Onshore and Offshore Rig Count, Norway, till 2021
-
1.6 Natural Gas Production Forecast in billion cubic metres, Norway, till 2027
-
1.7 Recent Trends and Developments
-
1.8 Government Policies and Regulations
-
1.9 Market Dynamics
-
1.9.1 Drivers
-
1.9.2 Restraints
-
-
1.10 Supply Chain Analysis
-
1.11 PESTLE Analysis
-
-
2. MARKET SEGMENTATION
-
2.1 Upstream
-
2.2 Midstream
-
2.3 Downstream
-
Norway Oil and Gas Market Size FAQs
What is the current Norway Oil and Gas Market size?
The Norway Oil and Gas Market is projected to register a CAGR of greater than 7.5% during the forecast period (2024-2029)
Who are the key players in Norway Oil and Gas Market?
Shell PLC, Exxon Mobil Corporation , Equinor ASA , TotalEnergies SE and Aker BP ASA are the major companies operating in the Norway Oil and Gas Market.
