The country’s oil and gas companies drilled 42 wells by 2024, with hydrocarbon reserves discovered in 16 of them.
Norway last year increased natural gas production to a record level of 124 billion cubic meters. The previous maximum of 122.8 billion cubic meters was produced in 2022. This was stated in the annual analysis of the Norwegian Offshore Directorate (NOD).
Overall, hydrocarbon production last year reached about 240 million cubic meters of oil equivalent, which was the highest figure since 2009.
By the end of December, 94 fields had been developed on the Norwegian shelf, including Hanz and Tyrving in the North Sea. No fields were closed last year.
The start of production at the Johan Castberg field in the Barents Sea is scheduled for the first quarter of 2025.
Oil and gas companies drilled 42 wells by 2024, with hydrocarbon reserves discovered in 16 of them.
According to the director’s forecast, this year companies will drill about 40 exploration wells, including 20-25 in the North Sea.
Investment in Norwegian offshore projects is expected to reach NOK 267 billion ($23.4 billion) by 2025, up 2.5% from last year.
Bloomberg previously reported that Europe has been using up gas reserves at a faster rate over the past seven years due to cooler weather, increasing heating needs. Another drop in temperature is expected this week.
Source: korrespondent
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