Norway’s production of oil liquids is expected rise by 5% in 2024 compared to 2023, while natural gas output is set to increase by 1.7%, the government’s draft budget showed on Friday.

The Nordic country became Europe’s top gas supplier last year after Russia cut its exports, meeting about 30% of the European Union’s gas import needs.

This year, Norway also ramped up output from Western Europe’s largest oilfield, Johan Sverdrup, helping to replace Russian barrels banned by the EU over Moscow’s invasion of Ukraine.

The government expects production of oil, including condensate and natural gas liquids, to rise to 124 million cubic metres (mcm) of oil equivalent (oe), or 2.1 million barrels of oil equivalents per day (boed), from 118 mcm oe in 2023.

Natural gas output is seen rising to 121billion cubic metres (bcm) in 2024, up from 118 bcmthis year.

Norway exports most of its gas to Europe through its 8,800-kilometre-long (5,468-mile) pipeline network, which pumped 116.9 bcm last year, short of a 117.4 bcm record set in 2017. The country also exports gas in liquid form, known as LNG.
Source: Reuters (Reporting by Nerijus Adomaitis, editing by Terje Solsvik)