Trends in the Norwegian Oil and Gas Sector
Introduction by:
H.E. Kåre R. Aas
Ambassador of Norway to the United States
Opening remarks by:
Ambassador Richard Morningstar (Ret.)
Founding Director and Chairman, Global Energy Center
Atlantic Council
A conversation with:
H.E. Terje Søviknes
Minister of Petroleum and Energy
Norwegian Ministry of Petroleum and Energy
Please join the Atlantic Council Global Energy Center and the Norwegian Embassy at the Norwegian ambassador’s residence on Friday, March 9, 2018 for a wide-ranging conversation with Norwegian Minister of Petroleum and Energy Terje Søviknes about current trends in the Norwegian oil and gas sector.
Norway is a major offshore oil and gas producer, producing about 2 million barrels of oil per day and exporting a record 122 billion cubic meters of natural gas during 2017. Its natural gas production, in particular, is critically important for Europe’s energy security because most of its natural gas is exported to Europe via pipeline. In fact, Norwegian supplies make up about twenty-five percent of the European Union’s gas consumption, making it the second largest supplier of natural gas to Europe, second only to Russia.
The oil and gas sector in Norway is important going forward because the Norwegians still have significant oil and gas reserves in the High North and the Barents Sea, meaning they have the resources required to remain a major, reliable, and long-term supplier of natural gas to Europe for decades to come. This sector is also interesting to watch because the Norwegians focus not only on oil and gas production, but also on being a leader in climate policy and sustainability.
Norway is a major offshore oil and gas producer, producing about 2 million barrels of oil per day and exporting a record 122 billion cubic meters of natural gas during 2017. Its natural gas production, in particular, is critically important for Europe’s energy security because most of its natural gas is exported to Europe via pipeline. In fact, Norwegian supplies make up about twenty-five percent of the European Union’s gas consumption, making it the second largest supplier of natural gas to Europe, second only to Russia.
The oil and gas sector in Norway is important going forward because the Norwegians still have significant oil and gas reserves in the High North and the Barents Sea, meaning they have the resources required to remain a major, reliable, and long-term supplier of natural gas to Europe for decades to come. This sector is also interesting to watch because the Norwegians focus not only on oil and gas production, but also on being a leader in climate policy and sustainability.
On Twitter? Follow @ACGlobalEnergy, @NorwayUS, and @Tsoviknes and use #ACEnergy
Norwegian Ambassador’s Residence
3401 Massachusetts Avenue, NW
Washington, DC 20007