Gas price fall impacts Norway’s petroleum revenues

The Norwegian Energy Ministry is projecting net cash flow for the state from petroleum activities offshore Norway at NOK680 billion ($63.85 billion) this year.

This is markedly down on the figure of NOK978 billion ($91.83 billion) last year, due mainly to lower estimates for gas prices.

Oil and gas production on the Norwegian continental shelf should remain relatively stable in the run-up to 2030, the Ministry added. This year the government forecasts 239 MMcmoe, rising to 243 MMcmoe in 2025.

It also projects total investments by the nation’s petroleum industry of NOK254 billion ($23.85 billion) in 2024, including new field developments and investments in producing fields.