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Development of New Oilfields to Drive the Market Norway is one of the largest oil producers and exporters in the European region. In 2019, the country s crude oil production was 1437 thousand barrels per day, which accounted for about 47.9% of Europe s total crude oil production. The average offshore rig count was 16 in 2020. The major oilfields in the country are reaching their maturity, and, as a result, since 2016, the oil production of Norway has declined significantly. However, in January 2021, about 30 companies have received offers of ownership interests in a total of 61 production licenses (34 are in the North Sea, 24 are in the Norwegian Sea and 3 are in the Barents Sea) on the Norwegian Shelf in the Awards in Predefined Areas (APA) 2020. Hence, with the award of 61 new production licenses, the upstream segment is likely to make more profitable discoveries on the Norwegian shelf during the forecast period.

Norwegian seaOceans generalNorth seaMartin lingeJohan castbergJohan sverdrupTotal saRoyal dutch shellNorway oilNorwegian petroleum directorateGas upstream marketNew oil fieldsBarents seaNorwegian shelfPredefined areasOil reserves