Energy market in Norway

Industry highlights


Of all exports in goods are the oil and gas sector


Norway’s ranking in the global Ease of Doing Business ranking.

1900 bn NOK

Value of Norwegian oil and gas exports in 2022 (highest ever)


Norway is the 3rd largest gas producer in the world, and the 11th largest oil producer.

163 000

People are directly and indirectly employed in the sector


First CO2 capture and storage in Norway at the Slepiner field.


Of the total workforce are employed in the oil and gas sector


Cut in emissions by 2030 (compared to 1990 levels)

Following the Ukraine crisis, Norway became Europe’s largest exporter of natural gas. The country is keeping up high gas production while giving its stamp of approval for many new oil and gas development projects to boost its hydrocarbon reserves.

Embracing the energy transition to low-carbon and green sources, Norway has taken multiple steps to decarbonize its oil and gas industry by pursuing carbon capture and storage (CCS), electrification of oil and gas assets, low carbon hydrogen production along with renewable energy such as offshore wind.

Norwegian oil and gas production has one of the lowest carbon footprints globally.

Key opportunities for Canadian energy companies in Norway:

Notable challenges for Canadian energy companies in Norway

Norway business landscape

Upcoming projects and events


Norway has ambitious climate targets that involve more than halving emissions by 2030 compared with 1990 levels, with a further reduction down to net zero by 2050. A large part of Norway’s energy use already has low carbon intensity owing to its hydropower-dominated electricity system (97%).

It is therefore the emissions from hard-to-abate sectors like heavy industry, heavy transport, oil and gas production, and agriculture that will need to be targeted for decarbonization if Norway is to reach its ambitious climate targets.

This means that there is a growing market for equipment and technology providers in these sectors.  The like-mindedness between Canada and Norway can provide fruitful cooperation from RDD&D (Research, development, demonstration & deployment) to commercial scale projects.

For more information on energy in the Norwegian market please contact

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