Norway is set to see oil and gas development spending skyrocket thanks to a temporary tax regime implemented during the Covid-19 pandemic. The buildout of the project portfolio is estimated to launch a whopping $42.7 billion of greenfield investments.
- Jan 27, 2023, 5:00 PM CST
The buildout of the project portfolio is estimated to launch a whopping $42.7 billion of greenfield investments. These projects sanctioned under Norway’s temporary tax regime will help maintain high gas production on the NCS towards 2030. While key producing fields such as Troll, Oseberg and Aasta Hansteen will slowly enter the decline phase in the coming years, tax regime projects such as Aker BP’s Yggdrasil Hub , Shell’s Phase 3 of Ormen Lange and Equinor’s Irpa will be particularly significant in maintaining a steady high flow of gas from Norway to Europe.
Together, these projects have pushed back the production decline on the NCS to 2028. According to Rystad Energy research, the additional supply of gas in 2028 will be about 24.9 billion cubic meters , equivalent to around 6.225% of demand in the European Union and the UK combined. This increase from 96 Bcm to 121 Bcm means Norway will go from supplying just under a quarter to close to one-third of all European gas in five years.
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