Norway sold record volumes of natural gas in 2024

Norwegian oil and gas companies delivered record volumes of natural gas in 2024 and intend to maintain the pace of exploration drilling to offset the expected decline in production at the end of the decade.

About 40 exploration wells are planned to be drilled in 2025, which is close to the level of 2024, when 42 wells were drilled, the Norwegian Petroleum Authority said in its annual report. About half of the new wells will be in the North Sea, about ten in the Norwegian Sea, and four to six in the Barents Sea.

Norway became the main supplier of natural gas to Europe, replacing Russian supplies after the events of 2022. Currently, the country provides about a third of the continent's gas needs. In the context of Europe's environmental policy, Norwegian gas plays the role of a transitional fuel, ensuring the energy security of the region.

In 2024, the volume of natural gas supplies from Norway reached 124 billion standard cubic meters, surpassing the previous record of 122.8 billion cubic meters in 2022. Total oil and gas production has also reached the highest level recorded since 2009.