While many know Norway for its majestic fjords, few realize that this Nordic nation fuels over half of Europe's natural gas supply and runs on an industrial engine of colossal scale, from its massive offshore oil reserves and world-leading aquaculture to its booming maritime and manufacturing sectors.
Key Takeaways
- Norway's oil production in 2022 averaged 1,941 thousand barrels of oil per day
- Natural gas production in Norway reached 121 billion cubic metres in 2022
- The Norwegian continental shelf holds proven reserves of 8.5 billion barrels of oil equivalent as of 2023
- Norway's manufacturing output grew by 4.2% in 2022
- Chemical industry produced NOK 250 billion in value added in 2022
- Norsk Hydro aluminum production reached 2.1 million tonnes in 2022
- Norway's aquaculture production reached 1.5 million tonnes in 2022
- Salmon exports valued at NOK 106 billion in 2022
- Mowi produced 410,000 tonnes of salmon in 2022
- Shipping fleet tonnage 15 million GT in 2023
- Norwegian tanker fleet transports 10% global oil seaborne trade
- Offshore supply vessels numbered 250 in 2023
- Nickel mining production 40,000 tonnes in 2022 at Røros
- Ilmenite production from Tellnes mine 2 million tonnes 2022
- Copper output 25,000 tonnes from Bidna mine 2022
Norway's massive petroleum sector dominates both its economy and European energy supplies.
Manufacturing
- Norway's manufacturing output grew by 4.2% in 2022
- Chemical industry produced NOK 250 billion in value added in 2022
- Norsk Hydro aluminum production reached 2.1 million tonnes in 2022
- Shipbuilding industry delivered 15 vessels totaling 150,000 GT in 2022
- Food processing sector employed 45,000 workers in 2023
- Basic metals manufacturing turnover was NOK 180 billion in 2022
- Elkem silicon production totaled 140,000 tonnes in 2022
- Machinery and equipment manufacturing grew 5.1% in output 2022
- Yara International fertilizer production 26 million tonnes in 2022
- Paper and pulp industry output 1.2 million tonnes in 2022
- Electrical equipment manufacturing turnover NOK 50 billion in 2022
- Borregaard biorefinery products generated NOK 5 billion revenue 2022
- Steel production in Norway was 500,000 tonnes in 2022
- Furniture manufacturing employed 10,000 people in 2023
- Pharma industry exports reached NOK 40 billion in 2022
- Renewable energy equipment manufacturing turnover NOK 30 billion 2022
- Textile manufacturing output declined 2% in 2022
- Glass and ceramics production value NOK 8 billion in 2022
- Automotive parts manufacturing for EVs grew 15% in 2022
- Wilfa appliances production 1 million units annually
Manufacturing Interpretation
Norway's industrial output, from the mighty tonnage of metals and chemicals to the quiet hum of appliances and EVs, paints a picture of a country firmly anchored in heavy industry while nimbly building its future, with textiles sadly left out of the stylish new wardrobe.
Mining
- Nickel mining production 40,000 tonnes in 2022 at Røros
- Ilmenite production from Tellnes mine 2 million tonnes 2022
- Copper output 25,000 tonnes from Bidna mine 2022
- Zinc production 30,000 tonnes at Løkken Verk 2022
- Coal mining in Svalbard 100,000 tonnes annually
- Gold production 1 tonne from Biedjovaggi mine 2022
- Iron ore reserves estimated 100 million tonnes
- Aggregates production 300 million tonnes quarried 2022
- Feldspar mining 50,000 tonnes exported 2022
- Dimension stone output 1 million tonnes granite/marble 2022
- Rare earth elements exploration projects 5 active sites
- Cobalt by-product 200 tonnes from copper mines 2022
- Limestone quarrying 20 million tonnes for cement 2022
- Mining sector turnover NOK 25 billion 2022
- Barite production 10,000 tonnes from Skien 2022
- Pyrite mining historical but tailings reprocessed 50,000 t
- Silica sand production 500,000 tonnes 2022
Mining Interpretation
Norway's mining sector may not be the flashiest, but with its modest 40,000 tonnes of nickel, a tonne of gold, and 25 billion kroner in turnover, it's clearly digging up far more than just rocks—it's extracting a steady, pragmatic fortune from the very bones of the earth.
Oil and Gas
- Norway's oil production in 2022 averaged 1,941 thousand barrels of oil per day
- Natural gas production in Norway reached 121 billion cubic metres in 2022
- The Norwegian continental shelf holds proven reserves of 8.5 billion barrels of oil equivalent as of 2023
- Equinor, the state-owned energy company, accounted for 70% of Norway's oil and gas production in 2022
- LNG exports from Norway's Hammerfest plant (Snøhvit) totaled 4.6 million tonnes in 2022
- Johan Castberg field started production in 2024 with expected peak of 220,000 barrels per day
- Norway's petroleum revenues contributed NOK 1,571 billion to the state in 2022
- The Troll field produced 68 million barrels of oil equivalent daily in 2022
- Norwegian oil and gas exports generated USD 199 billion in 2022
- Over 50% of Europe's natural gas supply came from Norway in 2022
- Ekofisk field, Norway's oldest, produced 195,000 barrels of oil per day in 2022
- Norwegian Petroleum Directorate approved 15 new exploration wells in 2023
- Gina Krog field output reached 260,000 barrels per day in 2022
- Norway invested NOK 220 billion in petroleum exploration and production in 2022
- Aasta Hansteen gas field produces 29 million cubic metres per day
- Norwegian oil rigs employed 12,000 workers in 2023
- Martin Linge field came online in 2021 with 45,000 barrels per day capacity
- Petroleum sector contributed 23% to Norway's GDP in 2022
- Ormen Lange field supplies 20% of UK's gas needs, producing 17 billion cubic metres annually
- Norwegian subsea production systems market valued at USD 1.2 billion in 2023
- Duva field discovered in 2021 with 26 million barrels recoverable
- Norwegian helicopter services for oil rigs logged 150,000 flights in 2022
- Yme field restarted production in 2021 at 55,000 barrels per day
- Petroleum tax revenues were NOK 837 billion in 2022
- Norwegian Content in petroleum projects reached 55% local supply in 2022
- Snorre field produced 110,000 barrels per day in 2022
- 129 exploration wells drilled on Norwegian shelf in 2022
- Draugen field output 40,000 barrels per day with redevelopment
- Norwegian gas processing plants handled 114 billion Sm3 in 2022
- Rosebank field off Shetland approved with 300 million barrels reserves
Oil and Gas Interpretation
Norway has masterfully transformed its geological luck into a gushing geopolitical piggy bank, powering half of Europe's homes with natural gas while methodically drilling, exporting, and reinvesting its way to a sovereign wealth fund so massive it makes the term 'rainy day' feel like a historical understatement.
Seafood
- Norway's aquaculture production reached 1.5 million tonnes in 2022
- Salmon exports valued at NOK 106 billion in 2022
- Mowi produced 410,000 tonnes of salmon in 2022
- Norwegian cod farming harvest 25,000 tonnes in 2022
- Seafood industry employed 35,000 in primary production 2023
- Whitefish exports NOK 20 billion in 2022
- Lerøy Seafood Group harvest 250,000 tonnes seafood 2022
- Aquaculture biomass growth 8% to 1.6 million tonnes 2023
- Shrimp landings 40,000 tonnes in 2022
- Salmon price averaged NOK 85/kg in 2022
- Norwegian pelagics exports 1.2 million tonnes 2022
- Cleanfish recirculating aquaculture systems produced 10,000 tonnes trout 2022
- Seafood processing turnover NOK 70 billion 2022
- Blue whiting quota 1 million tonnes for 2023
- Arctic offshore aquaculture licenses issued for 450,000 tonnes
- Capelin landings 200,000 tonnes in Barents Sea 2022
- Norwegian seafood market share in EU 15% for salmon
- RAS salmon smolt production 20 million juveniles 2022
- Herring exports NOK 5 billion 2022
- Sustainable seafood certification covers 95% Norwegian production
- King crab harvest 1,500 tonnes in 2022
Seafood Interpretation
Norway has so thoroughly colonized the European seafood platter that its salmon exports alone are essentially a liquid asset, propping up both the nation's economy and the global demand for omega-3s with a side of sustainable smugness.
Shipping
- Shipping fleet tonnage 15 million GT in 2023
- Norwegian tanker fleet transports 10% global oil seaborne trade
- Offshore supply vessels numbered 250 in 2023
- Car carrier fleet capacity 1 million vehicles
- LNG carrier newbuilds ordered 20 vessels worth USD 5 billion 2023
- Bulk carrier fleet 100 vessels totaling 8 million DWT
- Norwegian Shipowners' Association members operate 1,500 ships
- Ferry services carried 50 million passengers in 2022
- Cruise ship calls in Norwegian ports 2,500 in 2023 season
- Chemical tanker fleet 150 vessels 3 million DWT
- Maritime sector GDP contribution 6% NOK 200 billion 2022
- Shipbuilding yards delivered NOK 10 billion orders 2022
- Offshore wind installation vessels 10 specialized units
- Container shipping minimal but reefer capacity high for fish
- Maritime employment 170,000 jobs in 2023
- FPSO units operated 15 in Norwegian waters
- Shortsea shipping volume 100 million tonnes 2022
- Yacht and leisure boat production 5,000 units annually
- Maritime tech exports NOK 50 billion 2022
- Platform supply vessels 150 active in 2023
- Dry bulk shipping 5 million tonnes capacity
Shipping Interpretation
Norway's maritime industry is a remarkably diverse powerhouse, from quietly moving ten percent of the world's oil and millions of passengers to boldly building the future with fleets of specialized vessels, all while anchoring its economy and proving that the nation’s true strength is not just in its fjords but in its fleet.
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