- As a net exporter of oil, Norway is not bound by the IEA 90 day stockholding commitment.
- Since 2002 oil production has been declining.
- Norway produced 1.91 million bpd in 2012.
- Over three quarters of Norway’s oil production is exported.
- Oil demand in 2012 was 218 000 bpd.
- Norway has two refineries with a processing capacity of 310 000 bpd.
- 30% of refining output is consumed domestically.
- Until 2006, Norway held a certain amount of government stocks for oil emergencies.
- Release of company held stocks is the preferred action in an IEA collective action responding to an oil supply disruption.
- In 2012 natural gas production stood at 114.7 billion m3.
- The Norwegian government has estimated the remaining gas resources at 4 trillion m3.
- Norway is a marginal natural gas consumer and exports almost all of its production.
- Norway is one of only 3 net exporters of oil among IEA member countries.
- Total oil demand has been declining gradually since 2006.
- Overall demand is expected to continue with the downward trend in the upcoming years, mainly due to the progressive decline in gasoline demand.
- Norway is an exporter of refined products.
- The downstream market is very concentrated with Shell, Statoil, Esso and Uno-X controlling 97% of the market.
- Norway has 26 main storage facilities, and approximately 50 distribution storage facilities.
- The most effective demand restraint measures would be targeted at the use of transport fuels.
- Norwegian authorities consider the oil rationing system to be a sub optimal measures for mastering peace time oil supply crisis.
- There is no potential for increasing indigenous production in an emergency.
- Fuel switching from oil is very limited and is not an issue on which Norway has focused.
- Norway’s administration expects natural gas production to range from 105 – 130 billion m3 over the 2010 – 2020 period.
- In 2012 total gas consumption was 6.1 billion m3.
- Norway consistently exports approximately 95% of its gas production.
- The Norwegian Water Resources and Energy Directorate is the national independent regulatory authority for the downstream natural gas market.
- Security of supply is not considered an issue.
- Natural gas is not a key source of power generation.
Adapted by Claira Lloyd
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/21072014/norway-energy-security-iea/