Norway expects oil production to increase by 5.2% in 2025, driven by the Johan Castberg field, while natural gas production is expected to slightly decline.
Norway expects its oil liquids production to rise by 5.2% next year from 2024, while natural gas production is set to slightly drop by 1.6%, the Norwegian government said in its 2025 budget bill on Monday. The bill assumes that Norway ’s oil production , including condensate and natural gas liquids NGL, will increase to about 2.1 million barrels of oil equivalent per day boepd in 2025, up by 5.2% from the estimated production this year.
Johan Castberg, a large field in the Barents Sea, has estimated recoverable volumes of between 450 and 650 million barrels. The field will produce for 30 years, and at its peak, Johan Castberg may produce 220,000 barrels per day, Equinor says. The government also expects large revenues from the Norwegian petroleum industry in 2024, but they will be lower than in 2023, due to lower expected natural gas prices compared to last year.
Oil Production Natural Gas Johan Castberg Field Europe Energy Security Exploration 2025 Budget Barents Sea Equinor.
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