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Norway Oil and Gas Market Size (2024 - 2029)

The Norwegian oil and gas market is poised for growth, driven by increasing demand and new discoveries in the North Sea and continental shelf. The market's expansion is supported by investments, particularly in gas fields, and the integration of smart technologies in LNG infrastructure. Despite the challenges posed by the Norwegian government's shift towards alternative energy sources, the upstream sector is expected to remain dominant. The geopolitical landscape, including the Russia-Ukraine conflict, has further heightened the demand for Norwegian natural gas in Europe, contributing to the market's resilience and potential growth trajectory.

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Market Size of Norway Oil and Gas Industry

Norway Oil and Gas Market Overview
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

Norway Oil and Gas Market Companies

*Disclaimer: Major Players sorted in no particular order

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:

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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.

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Norway Oil and Gas Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Oil and Gas Proven Reserves in Norway

    3. 1.3 Crude Oil Production Forecast in thousand barrels per day, Norway, till 2027

    4. 1.4 Refining Capacity and Forecast in thousand barrels per day, till 2027

    5. 1.5 Average Onshore and Offshore Rig Count, Norway, till 2021

    6. 1.6 Natural Gas Production Forecast in billion cubic metres, Norway, till 2027

    7. 1.7 Recent Trends and Developments

    8. 1.8 Government Policies and Regulations

    9. 1.9 Market Dynamics

      1. 1.9.1 Drivers

      2. 1.9.2 Restraints

    10. 1.10 Supply Chain Analysis

    11. 1.11 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Upstream

    2. 2.2 Midstream

    3. 2.3 Downstream

Norway Oil and Gas Market Size FAQs

The Norway Oil and Gas Market is projected to register a CAGR of greater than 7.5% during the forecast period (2024-2029)

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.

Norway Oil and Gas Market Report Snapshots

Norway Oil and Gas Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)