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Gasnor Signs Norwegian LNG Bunkering Deal
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Komisja odwo³awcza cofnê³a zgodê na budowê l±dowej czê¶ci gazoci±gu Baltic Pipe w Danii
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Norway Oil and Gas Upstream Market Growth, Trends, COVID-19 Impact, and Forecasts Report 2021-2026 - ResearchAndMarkets.com
April 27, 2021 GMT
DUBLIN (BUSINESS WIRE) Apr 27, 2021
The Norway oil and gas upstream market is expected to register a CAGR of more than 1% during the forecast period.
The strain on oil demand and prices from the impact of the COVID-19 pandemic has led oil companies to lower exploration budgets and delay a number of exploration wells in 2020. The major factor driving the market is the increasing development of new oilfields in the country over the forecast period. However, the divestment of government funds from the upstream oil and gas sector can act as a restraining factor for the market growth.
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.
Research and Markets: Norway Oil and Gas Upstream Market Growth, Trends, COVID-19 Impact, and Forecasts Report 2021-2026
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