Norway Oil Gas Production Exceeds July Forecasts by 4%

Norway's oil and gas production in July 2025 exceeded official forecasts by nearly 4%, driven primarily by a significant increase in crude oil output, which rose by approximately 8.2% above estimates to 1.96 million barrels per day. This growth was supported by new production from the Johan Castberg oilfield in the Barents Sea, which reached full capacity shortly after its startup earlier this year. While natural gas production also surpassed forecasts by 2.2%, it declined by 9% compared to the previous year due to maintenance activities and export facility work. Overall, the combined oil, condensate, natural gas liquids, and gas output amounted to 0.672 million standard cubic meters per day, or 4.23 million barrels of oil equivalent, marking a slight year-on-year decrease. Norway, Europe's largest natural gas supplier and a major oil producer, continues to boost production with government support and plans for further exploration to offset expected production declines in the early 2030s. The country's oil and gas sector remains a critical revenue source for its sovereign wealth fund and a key supplier to European energy markets.