Norway Oil and Gas Upstream Market Size (2024 - 2029)

Norway Oil and Gas Upstream Market Size Summary

The Norwegian oil and gas upstream market is poised for growth, driven by the development of new oilfields and increased investment in the sector. Despite challenges such as the COVID-19 pandemic's impact on oil demand and prices, which led to reduced exploration budgets and delayed projects, the market is expected to benefit from the discovery of new small oilfields. Norway's status as a leading oil producer and exporter in Europe, coupled with its substantial oil reserves, positions it favorably for future growth. The award of new production licenses and the expansion of major fields like Johan Sverdrup are anticipated to reverse the declining production trend and contribute to market expansion.

Norway's oil and gas upstream sector is characterized by a mix of proven and unproven resources, with significant reserves located in the North Sea, Barents Sea, and Norwegian Sea. The country's continental shelf holds a substantial portion of Europe's oil reserves, making it a critical player in the region's energy landscape. The market is partially consolidated, with key players such as Equinor ASA, Aker BP ASA, Total SA, ConocoPhillips, and Royal Dutch Shell PLC actively operating in the area. Recent discoveries and ongoing projects, such as the Skogul field and new finds in the Norwegian Sea, underscore the sector's potential for significant growth over the forecast period.