Norway will outline future oil and gas drilling in its 2027 policy update

The Norwegian government announced 'on Monday' that it would present to the parliament a document next year on 'the future of oil and gas', which will include companies' access rights to exploration land.

In a speech, Prime Minister Jonas Gahr Stoere stated that the oil and gas sector is vitally important to Norway and should not be?phased out.

The official forecasts indicate that Norway's offshore oil production will be roughly constant in 2026.

Set to decline

As major fields slowly deplete, we will see them disappearing by the end of the decade and into the next.

The energy ministry released a statement saying that the white paper would describe the current state and future prospects of the petroleum industry as well as key policy decisions that will be important for production in the 2030s.

Norway produces about 2% global oil, and after Russia invaded Ukraine in February 2022 it became Europe's largest natural gas supplier.

Norway's oil and gas industry is the largest and most profitable in the country. Government forecasts show that production will be near 4.1 millions barrels of equivalent per day this year, but it will drop to just below 3.5 million by 2030. Reporting by Terje Solsvik and editing by Nora Buli

(source: Reuters)