In 2015, Norway produced 227.8 Sm³ o.e. of marketable petroleum. By way of comparison, total production was 216.2 million Sm³ o.e. in 2014 and 264.2 million Sm³ o.e. in 2004. In other words, production in 2015 was about 14 % lower than in the record year 2004 and 5 % higher than in 2014. Production from the Norwegian shelf consists of crude oil and rich gas.
Since production started on the Norwegian continental shelf in the early 1970s, petroleum activities have contributed more than NOK 11 000 billion in current NOK to Norway’s GDP. Yet so far, only 45 % of the estimated recoverable resources on the Norwegian shelf have been produced and sold. Norway's proved hydrocarbon reserves have been in decline over the past decade, although some important discoveries have been made in the past two years.
|Oil||786||million Sm3||0.5 % of the world's reserves.|
Sources: Norwegian Petroleum, BP Statistical Review 2014