Norway to increase production of oil, gas to capitalize on European energy crisis
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(CREATIVE DESTRUCTION MEDIA) – A draft budget released Thursday by the Norwegian government estimates Norway’s oil production to increase by 15% in 2022.
The Norwegian government said, “The energy crisis in Europe makes Norwegian gas sales even more important for Europe than before.” Norway provides approximately 25% of the gas the EU and the UK consume. Norway’s natural gas production is expected to see an 8% increase this year compared to 2021.
Petroleum-based revenues are expected to increase drastically from $113 billion in 2022 to $132 billion next year.
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