Market Size of Norway Oil and Gas Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 7.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Norway Oil & Gas Market Analysis
The Norwegian oil and gas market is expected to register a CAGR of more than 7.5% during the forecast period of 2022-2027. The COVID-19 pandemic has adversely affected the market by lowering the demand in 2020. However, the oil production cuts by OPEC plus and rising demand in 2021 have mostly nullified the effects of the pandemic. Furthermore, the conflict between Russia-Ukraine has exasperated the requirement for Norwegian natural gas in Europe. Factors such as increasing demand for oil and gas coupled with new discoveries in the North Sea and Norwegian continental shelf are likely to drive the oil and gas market in Norway during the forecast period. However, the Norwegian government is pushing toward alternative energy sources, which may hinder the growth of Norway's oil and gas market during the forecast period.
- The oil and gas upstream sector is expected to dominate the Norwegian oil and gas market, owing to discoveries in the North Sea.
- The increasing demand for LNG in the country leads to the integration of smart technologies in the existing LNG infrastructure, which may create an ample number of opportunities for the market in the coming years.
- Increasing investments are expected to drive the Norwegian oil and gas market, mainly in the gas fields of the North Sea.
