In 2023, Norway dominates the European oil and gas extraction market with a turnover share of 51.19 million euros, although it saw a 6.5% decline from the previous year. The United Kingdom, accounting for 20.79 million euros, also experienced a reduction of 6.96%. Germany was the only country with modest growth at 0.33%. Significant decreases were noted in the Netherlands and Denmark with 17.24% and 33.02% respectively. Spain and Hungary showed positive growth with 7.2% and 22.73% increases.
Looking forward, emerging technologies and policies for sustainable energy could reshape Europe's oil and gas sector, diversifying reliance away from traditional giants like Norway and the UK. Attention will likely focus on energy transition effects, geopolitical shifts, and investments in alternative energy sources, affecting future turnover shares.
Top countries in Oil and Gas Extraction Turnover Share by Country (Million Euros)
| # | 9 Countries | Percent | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Norway | 51.19 | 2023 | +4.21% | -6.5% | View data |
| 2 | 2 United Kingdom | 20.79 | 2023 | -5.75% | -6.96% | View data |
| 3 | 3 Germany | 13.43 | 2023 | +5.19% | +0.33% | View data |
| 4 | 4 Netherlands | 6.71 | 2023 | -19.3% | -17.24% | View data |
| 5 | 5 Spain | 0.57 | 2023 | +4.75% | +7.2% | View data |
| 6 | 6 Denmark | 0.42 | 2023 | -54.05% | -33.02% | View data |
| 7 | 7 Hungary | 0.23 | 2023 | +13.47% | +22.73% | View data |
| 8 | 8 Estonia | 0.14 | 2023 | -4.58% | -10.94% | View data |
| 9 | 9 Lithuania | 0.021 | 2023 | -4.39% | -9.39% | View data |
