In 2023, Norway’s oil reserves stood at 7.64 billion barrels. The country has seen an overall decline in its proved oil reserves since the 1990s when proved reserves exceeded 10 billion barrels. In line with this development,Norway’s oil production has also decreased for much of the 2000s, falling to some two million barrels per day in 2023.
Norwegian shelf exploration
Covering an area of 142,000 square kilometers, the North Sea is the most explored part of the Norwegian continental shelf, with Norway’s first oil discovery occurring in the Central North Sea area. Presently, there are approximately 67 fields in production here. Although North Sea reserves are depleting, an estimated 50 percent of the Norwegian shelf’s undiscovered resources are in the Barents Sea.
Reliance on exports
Norway is an important exporter of oil. Most of the country’s oil is exported and is a main source of revenue. 57.8 billion U.S. dollars’ worth of crude oil was exported by Norway in 2022. Apart from Russia, it is Europe's only large-scale oil supplier.
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