Norway expects to continue achieving record earnings throughout 2023.
Norway saw record oil and gas profits in 2022.Despite strong profits, Equinor expected to achieve a 1 percent growth in production in 2022 compared to the previous year, lower than the planned 2 percent rise.Following several previous successful years, Norway once again saw record oil and gas profits in 2022, as well as progressing its renewable energy operations.
And the Norwegian government believes the country’s success to extend well into 2023, with anticipated earnings from oil and gas of $131 billion for the year. This would set a new record, marking an 18 percent rise on 2022, and five times the earnings of 2021. It predicts an output average of 4.3 million bpd, over 4.1 million in 2022. on gas, Norway has introduced a windfall tax on its oil and gas companies.
While Norway’s oil and gas industry continues to boost its fossil fuel production and see record profits, there are concerns about the ongoing reliance on energy sources with high greenhouse gas emissions. Since 2020, Norway has. But it still operates large-scale, highly profitable oil and gas projects in response to the growing global demand for energy.
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