Norwegian Continental Shelf sees record exploration in 2025

Exploration Achievements - The year 2025 was marked by significant offshore exploration in Norway, achieving the second-highest exploration levels in a decade, surpassed only by 2021 [1][2] - Notable discoveries were made possible through advanced technology, including the drilling of over 10km of wellbores [1] Production Levels - Oil production in 2025 reached 106 million standard cubic metres (mscm), the highest since 2009, with production from the Norwegian Continental Shelf (NCS) being nearly balanced between oil and gas [3] - A total of 120 billion standard cubic metres was sold, slightly below the previous year's record [3] Future Projections - Gas production is expected to remain stable over the next three to four years, with Norwegian gas accounting for approximately 30% of EU gas consumption, making Norway the largest supplier in Europe following the reduction of Russian gas [4] - Projected investments for 2026 are estimated at Nkr256 billion, reflecting a 6.5% decrease from the previous year, with a gradual reduction in investment levels anticipated towards 2030 due to the completion of current projects [4] Industry Challenges - A decline in overall production is expected by the late 2020s, highlighting the necessity for new field developments and sustained exploration activity [5] - Without continued investment, significant dismantling within the petroleum industry could occur [5] Environmental Initiatives - The year 2025 also saw the establishment of the world's first comprehensive value chain for carbon capture and storage, indicating a growing interest in secure CO₂ storage on the NCS [5] - The Directorate has been involved in mapping mineral resources and assessing environmental conditions in areas of interest [6]