Gas production in Norway, which is crucial to replace Russian supplies to Europe, reached a record high last year, the Norwegian Offshore Directorate said.
In 2024, the Scandinavian country produced 124 bcm of gas, almost all of which was exported to Europe, surpassing the previous record of 122.8 bcm set in 2022, the year Russia launched its full-scale invasion of Ukraine, AFP reported.
The conflict in Ukraine has led to a sharp drop in Russian gas supplies to Europe, with Norway overtaking Russia as the continent's main supplier.
"The high production in 2024 is due to high field regularity and increased capacity after the 2023 upgrade," the directorate said in its annual report.
Gas accounts for more than half of Norway's hydrocarbon production, which is expected to remain high before declining at the end of the decade, it said.
In 2025, investment in Norway's oil and gas sector is expected to reach 264 billion kronor ($23.1 billion), the highest level since 2014.
As of 2021, the International Energy Agency is calling for a halt to all new oil exploration projects in a bid to limit global warming to 1.5 degrees Celsius above pre-industrial times.
It expects demand for all fossil fuels - oil, gas and coal - to peak in the coming years thanks to the rise of clean energy and electric cars. | BGNES
