Norway's Oil and Gas Production Faces Steep Decline After 2030

Norway's oil and gas production is expected to decline sharply after 2030 due to a lack of new discoveries, according to a report from the Norwegian Offshore Directorate. The country has been producing oil and gas faster than it can find new resources, leading to concerns about its long-term sustainability.

Despite strong current activity, with Norway reaching its highest level of oil production since 2009 last year, the report warns that maintaining production beyond this decade will require more exploration, faster development of existing discoveries, and continued investment in mature fields and infrastructure.

The Norwegian Offshore Directorate estimates that approximately $344 billion is at risk due to a lack of exploration and investment, with the gap increasing to around $890 billion when higher prices are applied. The country has around 7 billion standard cubic meters of oil equivalent remaining on its Continental Shelf, but much of this remains undiscovered.