Finance
Norway to lay out future of oil and gas, drilling, in 2027 policy update
Published by Global Banking & Finance Review®
Posted on January 12, 2026
2 min readLast updated: January 20, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on January 12, 2026
2 min readLast updated: January 20, 2026
Norway plans a 2027 policy update on oil and gas, crucial for its economy. Production is steady until 2026 but will decline as fields deplete.
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.
"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.
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.
"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)
The oil and gas industry involves the exploration, extraction, refining, and distribution of oil and natural gas. It plays a crucial role in the global economy and energy supply.
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