Gas Exports Lift Norway Trade Surplus Record High

October 15, 2021

Credit: Equinor
Credit: Equinor

Norway's trade surplus rose last month to a record level thanks to soaring revenues from selling gas from its offshore fields, national statistics agency (SSB) data showed on Friday.

With a daily output of around four million barrels of oil equivalent, almost equally divided between oil and natural gas, Norway has been among the winners from an ongoing spike in global energy prices.

The trade surplus for September rose 28% from August to 53.7 billion Norwegian crowns ($6.37 billion), the highest on record, SSB said.

In total, 61% of Norway's overall exports came from petroleum last month, the data showed.

Norway supplied 22% of the natural gas consumed in the European Union last year, second only in size to Russia's 34% market share, according to Norwegian government data.

The overall value of Norway's gas exports stood at 48.7 billion crowns for September, a rise of 27% from August and a sevenfold increase from a year ago, it said.

Oil exports stood at 30.4 billion crowns, up 116% from September 2020, when energy prices were depressed due to the pandemic.

($1 = 8.4344 Norwegian crowns) 

(Reporting by Terje Solsvik, editing by Gwladys Fouche and John Stonestreet)




Current News

Shell Eyes Return to Libya

Shell Eyes Return to Libya

Carnarvon to Spud Buffalo-10 Well in Timor Sea in December

Carnarvon to Spud Buffalo-10 Well in Timor Sea in December

Project Launched to Test Use of North Sea Gas Pipelines for CO2 Transport

Project Launched to Test Use of North Sea Gas Pipelines for CO2 Transport

Oil Firms Face Workforce Crunch as Renewables Beckon - Survey

Oil Firms Face Workforce Crunch as Renewables Beckon - Survey

Subscribe for OE Digital E‑News

Offshore Engineer Magazine