Resource report 2024

Preface A long-term perspective is one of the essential building blocks in our resource management. This report illustrates opportunities, and outlines what’s needed to make sure our shared resources continue to generate value for the broader society. Read more

Summary The Norwegian Continental Shelf (NCS) still holds vast oil and gas resources, more than sufficient to ensure production, export and value creation to benefit the country for a long time to come. Read more

Background The world needs energy, which is why there will still be demand for oil and gas in the years to come. Norwegian oil and gas can continue to play a role in ensuring that Europe has secure and stable energy supply. Considerable investments will be needed in order to slow the declining production from current oil and gas fields. Read more

Three potential scenarios The Norwegian Offshore Directorate has drawn up three potential scenarios for overall production of oil and gas leading up to 2050. High exploration activity, a large number of discoveries, technology development and stakeholders willing to invest will increase production and revenues to the government. On the other hand, low exploration activity and less willingness to invest will lead to a rapid dismantling of the petroleum activities. Read more

Remaining resources The remaining resources are the foundation for significant production and value creation for a long time to come. Increased exploration activity, the development of more discoveries and improved recovery will all help maintain production. Read more

Drivers, challenges and opportunities Technology and expertise contribute to profitable exploration, extracting value locked in challenging reservoirs and small discoveries. Increased gas export capacity from the Barents Sea can help create even more value. Fortunately, all this can be accomplished with minimal emissions. Read more

New industries Extraction of seabed minerals, CO2 storage and offshore wind could become important, profitable new industries on the Norwegian continental shelf (NCS), presuming they are cost-effective and can compete with the alternatives. They can also strengthen established value chains within oil and gas. Read more

References and notes Note: Some sources only available in Norwegian, title translations for references only Read more

Figures Read more

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