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Norwegian Gas Production Forecast to Rise 3% in 2024 while Oil Slips

OIL

Norwegian combined daily oil and gas output is set to remain steady at 4.01mn barrels of oil equivalent per day this year with gas production expected at 2.06 million boed and oil at 1.95 million boed according to Norwegian Offshore Directorate (NOD) forecasts.

  • Gas production is up around 3% this year while oil is down by a similar volume.
  • Norway in 2022 overtook Russia as Europe's biggest gas supplier.
  • Full-year gas output fell 5.3% in 2023 to 116 bcm from a record 122.5 bcm the previous year.
  • Norway's annual gas output was seen at around 120 bcm in the years from 2024 to 2027, before declining to 117.4 bcm in 2028.
  • Oil production should see a boost to 2.1mn boed in 2025, supported by Equinor’s Johan Castberg oilfield.

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