Norway: Will offshore gas deposits remain unutilised?
At the end of 2022, there were over 80 gas discoveries off the Norwegian coast covering an estimated area of more than 1.2 billion square metres. Although many of these deposits have considerable value potential, it is highly uncertain how much natural gas can actually be extracted, according to the Norwegian Petroleum Directorate (NPD). The challenges cited by the NPD include complex deposits and high production costs. Around two thirds of the country's gas reserves have not yet been extracted. And although production is expected to remain high over the next five years, it is expected to decline "quite rapidly" thereafter, according to the authority. Therefore, it makes...
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