Norway’s total oil production is expected to increase over the next three years, as the Norwegian Petroleum Authority (NPD) said on Thursday that oil and gas production is expanding.
According to Reuters, the combined volume is expected to reach 4.33 million barrels of equivalent oil in 2024, an increase of 9.1% from the preliminary measurement of 2021 of 3.97 million barrels, according to NPD forecasts.
Norway expects oil companies to submit “dozens” of new investment plans this year, from eight in 2021, in order to take advantage of the tax incentives introduced by parliament, leading to a jump in investment in the coming years.
“Investments are contributing to the continuation of high and profitable production towards 2030, so the current plans show that production will decrease,” the NPD said.
“The extent and speed of this reduction will depend, among other things, on how much extra oil and gas companies will discover in the coming years,” he added.
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Source From: Capital
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