Norway expects oil and gas revenues to quadruple by the end of the year
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Norway predicts income from the oil and gas sector in 2022 in the amount of 1.17 trillion crowns (more than $109 billion). This is four times more than in 2021 (228 billion kroons).
Most of the proceeds will go to the sovereign wealth fund, which has already crossed the $1 trillion mark. By the end of 2023, revenues are expected to grow by another 18%, to 1.38 trillion crowns.
According to The Washington Post, Norway is criticized for such “obscene income”. The newspaper recalls that earlier Polish Prime Minister Mateusz Morawiecki offered Oslo to share income with Ukraine. WP also notes that Norwegian officials deny the speculation. According to them, the reason for the high energy prices was the shortage in the market.
According to the International Energy Agency, since January, Russian gas supplies to Europe have decreased by 45% in annual terms. In the third quarter, imports amounted to less than 10 billion cubic meters. m (reduction by 70% year on year). Norway increased exports to European countries by 8% (6 billion cubic meters) since the beginning of the year, Azerbaijan – by 50% (2.5 billion cubic meters). The main source of replacement for Russian supplies is LNG imports, which grew by 65%.
Read more about supplies – in the material “Kommersant” “Gas occupies the provided volume”.
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