Norway's biggest oil reserves are running dry
Thanks to hydropower, the oil-rich nation has many options going forward. The demise of the North Sea doesn’t necessarily mean the end of Norway’s petroleum era. Still, despite significant reserves in the Barents Sea, Norway is about to embark upon a long period of structural decline as its benchmark fields inch closer to depletion and its reserves taper. Interestingly enough, gas peak production is yet to come in Norway. For oil itself, the next decade will represent the beginning of an end, which, albeit gradual, seems inevitable. As a consequence, Norway’s share of the global oil market will decline from the current two percent and drift closer to one percent in the 2020s.
- Business Insider -