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Norway’s Tax Break To Raise Oil, Gas Supplies To Europe

NATURAL GAS

Oil and gas projects sanctioned under Norway’s temporary tax regime will help maintain high gas and oil production on Norwegian Continental Shelf towards 2030 according to Rystad Energy.

  • Tax regime projects such as Akter BP’s Yggdrasil Hub (start-up in 2027), Shell’s Phase 3 of Ormen Lange (start-up in 2025) and Equinor’s Irpa (start-up in 2026) will be particularly significant in maintaining a steady high flow of gas from to Europe.
  • Liquids production is also expected to sustain going forward. From the temporary tax regime, Aker BP’s Yggdrasil Hub (start-up in 2027), Equinor’s Breidablikk (start-up in 2025) and Vaar Energi’s Balder Future (start-up in 2024) will be the largest contributors in terms of oil output. Most oil production will stem from fields sanctioned during the standard tax regime, such as Johan Sverdrup – particularly since Phase 2 came online last month.
  • The additional supply of gas in 2028 will be about 24.9bcm to 121bcm, meaning Norway will go from supplying 24% to 30.25% of all European gas in five years.
Energy BulletsCommodities
Energy BulletsCommodities

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