Norway’s Oil and Gas Firms Set to Intensify Exploration Efforts in the Coming Year
Norwegian oil and gas companies are set to drill more exploration wells in 2024, aiming to maintain Norway’s position as a key supplier to Europe. The Norwegian Offshore Directorate expects between 40 and 50 wells to be completed this year, an increase from the 34 drilled in the previous year.
Norway became Europe’s top supplier of natural gas in 2022, replacing Russian flows that were disrupted due to Moscow’s invasion of Ukraine.
Last year, more than half of the 23 wildcat wells drilled in Norway found hydrocarbons. The country plans to keep oil and gas production stable, and investments in ongoing field developments are projected to reach a record high of 77 billion kroner ($7.5 billion) in 2024.
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The directorate highlighted the importance of exploring areas less familiar to companies, even as exploration continues in areas adjacent to existing infrastructure to control costs and emissions.
In 2023, Norway had 92 operating fields and 27 projects under development. While oil production increased to 104 million barrels of oil equivalent per day, natural gas output dropped by about 5%. Norway aims to remain a significant supplier of gas to Europe as the continent transitions toward greener energy sources.
