Norway to Outline Oil and Gas Industry Future in 2027 Policy Update

Future of Norway's Oil and Gas Sector

OSLO, Jan 12 (Reuters) - Norway's government said on Monday it will present a policy document to parliament next year on the future of the oil and gas industry, including companies' access to exploration acreage.

Importance of the Oil and Gas Industry

"The oil and gas industry is crucially important for Norway, and should be developed, not phased out," Prime Minister Jonas Gahr Stoere said in a speech.

Production Forecasts and Trends

Official forecasts show that while Norway's offshore oil and gas output will remain broadly steady in 2026, the production is set to decline towards the end of this decade and into the next as major fields gradually deplete.

Key Policy Choices for the Future

"The white paper will contain a description of the status and prospects for the petroleum industry, as well as address key policy choices that will be important for production from the 2030s onwards," the energy ministry said in a statement.

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

Oil and gas is Norway's largest and most profitable industry, with government forecasts showing output expected this year of near 4.1 million barrels of oil equivalent per day (boed), declining to just under 3.5 million boed in 2030.

(Reporting by Terje Solsvik, editing by Nora Buli)