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illuminem summarizes for you the essential news of the day. Read the full piece on Oil Prices or enjoy below:
🗞️ Driving the news: Norway is set to increase oil and gas exploration and production, maintaining its role as Western Europe’s top producer
• Despite a slight production shortfall in 2023 due to maintenance shutdowns, Norway plans significant investments in 2023 and 2024, driven by high activity, a weaker currency, and increasing costs
🔭 The context: The focus of exploration is currently on areas near existing infrastructure for quick development
• However, the Norwegian Offshore Directorate encourages exploration in more frontier areas to realize greater resource potential
• In 2023, 34 exploration wells were spudded, and 14 discoveries were made
🌍 Why it matters for the planet: Norway’s oil and gas production plays a crucial role in European energy security, especially after becoming the top natural gas supplier in 2023, replacing Russia
• With 27 projects under development, Norway's production is expected to remain stable in the near future, supporting European energy needs
⏭️ What's next: Norway aims to maintain high levels of activity and production up to 2030, necessitating increased exploration, discoveries, and investments
💬 One quote: "The Norwegian shelf will continue to play an extremely important role for energy security in Europe for many years to come," (Norwegian Offshore Directorate)
📈 One stat: A new export record for a single month was set in December, with nearly 12 billion standard cubic meters of gas exported
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