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Norway’s oil and gas industry

Norway’s oil and gas industry . Key figures 2005 (based on 2004 figures). Overview. Norway’s interests Oil export and production Gas export and production The Government Petroleum Fund Petroleum in the Norwegian economy Internationalisation. Norway’s interests.

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Norway’s oil and gas industry

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  1. Norway’s oil and gas industry Key figures 2005 (based on 2004 figures)

  2. Overview • Norway’s interests • Oil export and production • Gas export and production • The Government Petroleum Fund • Petroleum in the Norwegian economy • Internationalisation

  3. Norway’s interests • Norway co-operates on energy policy with our most important political and economic partners in the International Energy Agency (IEA) • These are primarily importers of oil and gas • Norway also has important shared interests with other oil-exporting countries both in and outside OPEC

  4. Oil • Norway is the world’s third largest oil exporter after Saudi Arabia and Russia • The net export of Norwegian crude oil was 2.9 million barrels per day (Mbd) in 2004 • About 60% of Norwegian oil is exported to Western Europe • About 15% is exported to North America (USA and Canada)

  5. Oil exports (Mbd)

  6. Oil production (Mbd) • With an oil production of 3.2 Mbd, Norway was the world’s seventh largest oil producer in 2004

  7. Gas • Norway is the world’s third largest gas exporter after Russian and Canada • Norway plays a particularly important role in European gas supply security • Deliveries of gas from Snøhvit, the world’s most northerly and Europe’s first LNG installation, to the USA are planned to start in 2006

  8. European gas imports • Norwegian gas accounts for 19% of Europe’s gas consumption

  9. Importers of Norwegian gas in billion Sm3

  10. Gas imports to Germany • Norway accounts for 29% of gas consumption in Germany, which is by far Europe’s largest importer of gas

  11. Gas imports to France • Norway accounts for 32% of gas consumption in France, Europe’s third largest gas importer

  12. Gas production 2003 • With a gas production of 78.5 bn Sm3, Norway was the world’s seventh largest gas producer in 2003

  13. The Government Petroleum Fund • Established by the Storting in 1990 • Funds first allocated in 1996 • Made up of the government’s revenues from the petroleum industry + the return on the fund’s capital • Value at the end of 2004 was NOK 1 016 billion, an increase of NOK 171 billion from 2003

  14. The growth of the petroleum fund

  15. Petroleum in the Norwegian economy • The export value of sales of crude oil and gas in 2004 is estimated at NOK 346 bn • This is equivalent to 47% of total Norwegian exports • The petroleum industry’s share of GDP in 2004: 21% • More than 75 000 people are employed in the Norwegian petroleum sector

  16. Production profile NCS • Oil: constant up to 2007, then gradual decline • Gas: increasing up to 2010, then flattens out

  17. Internationalisation • “The Norwegian petroleum industry today has world class technology and expertise. The synergy between the dynamic Norwegian continental shelf and the growing global energy market [...] offers good opportunities for internationalisation for all companies.” • Minister of Petroleum and Energy Thorhild Widvey

  18. Internationalisation • The petroleum-related overseas sales of Norwegian companies increased by an average of 10% per year from 1995 to 2003

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