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Norway produced 1.76 mb/d of crude oil in 2021 (+3.5%)

14 Jan 2022

In 2021, Norway produced 2.03 mbl/d of liquids (+1.2%), including 1.76 mbl/d of crude oil (+4%), and 113 bcm of natural gas (+2.6%), according to the Norwegian Petroleum Directorate. The additional production is related to five fields starting production in 2021, namely Duva, Yme (older field which was restarted), Solveig, Martin Linge in the North Sea and Ærfugl in the northern Norwegian Sea. Moreover, the first phase of the Johan Sverdrup field in the North Sea was in full operation (second phase expected in 2022); when fully operational, it should account for 35% of oil production on the Norwegian shelf. Between 2021 and 2026, the liquid output is forecasted to increase by 1.4%/year to 2.17 mb/d in 2026, including +1.2%/year for crude oil, while the gas production should expand by 0.8%/year to 118 bcm in 2026.

Norway's electricity production reached 157 TWh in 2021 (slightly higher than in 2020 (154 TWh)), including 12 TWh from the wind (up from 10 TWh in 2020). Electricity consumption increased by 4.5% to 140 TWh. Norway remains a net exporter of electricity with 25 TWh of exports and 8 TWh. Most of the exchange for 2021 was with Denmark.

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