Norway had 5.83 billion barrels of proven crude oil reserves as of January 1, 2014, the largest oil reserves in Western Europe.
Norway’s oil reserves are all located offshore on the Norwegian Continental Shelf, divided between the North Sea, the Norwegian Sea, and the Barents Sea.
Most of Norway’s oil production is in the North Sea.
Norway exported an estimated 1.19 million bbl/d of crude oil in 2013.
The top five importers of Norwegian crude in 2013 were the United Kingdom (42 percent), the Netherlands (21 percent), Germany (10 percent), Sweden (6 percent), and the United States (5 percent).
Norway’s Statoil controls 70 per cent of the country’s oil and gas production.
The Norwegian government’s subsidy of oil and gas exploration enacted in 2005 refunds 78 per cent of the exploration costs to the E&P companies.
Norway’s petroleum production has gradually declined since 2001 as oil fields have matured.
The Norwegian Petroleum Directorate estimates that the three largest producing oil fields in 2013 were Troll (122,000 bbl/d), Ekofisk (110,000 bbl/d), and Grane (95,000 bbl/d).
According to Statistics Norway, total investments in oil and gas extraction and pipeline transport in 2013 were $34.6 billion, $0.6 billion higher than in 2012.