Forecast: Oil and Gas Extraction Turnover in Norway

As of 2023, the value of Oil and Gas Extraction turnover in Norway stands at 53.17 billion Euros. Forecasted data indicates a steady decline in this value over the next five years. By 2024, the turnover is projected to be 52.22 billion Euros. Further, it is expected to decrease progressively to 51.27 billion Euros in 2025, 50.32 billion Euros in 2026, 49.39 billion Euros in 2027, and finally 48.46 billion Euros in 2028. The year-on-year percentage variation paints a clear picture of this downward trend seen consistently across all forecasted years.

Over the past two years alone, there has been a noticeable reduction in turnover, and this trend is projected to continue, marking a cumulative average growth rate (CAGR) annually over the five-year span at a decreasing rate. This consistent decline suggests a long-term downward trajectory for the industry.

Future trends to watch for include:

• Potential advancements in renewable energy technologies leading to reduced reliance on oil and gas
• Changes in global oil and gas prices impacting Norway's export values
• Environmental regulations and policies which may further constrain the industry
• Economic factors such as inflation and currency fluctuations