The Norwegian government estimates the state's net cash flow from the petroleum sector to 686 billion NOK this year. This represents an increase from last year, when net cash flow was around 664 billion NOK.

"The petroleum resources belong to the Norwegian people. The industry has generated, and continues to generate, substantial revenues. With the fiscal rule, these revenues are of great importance to the mainland economy and the financing of the welfare state, both today and in the future", said Minister of Energy Terje Aasland.

The Norwegian continental shelf accounts for about 30 percent of gas consumption and 14 percent of oil consumption in the EU and the UK. Total petroleum production on the Norwegian continental shelf in 2025 was approximately 239 million standard cubic meters (Sm3) of oil equivalents. Total production is expected to remain at the same level in 2026. Oil production amounted to approximately 107 million Sm3 of oil equivalents last year, which is the highest level since 2009. The start-up of the Johan Castberg field in the Barents Sea contributed to increased oil production on the continental shelf and will make an important contribution in the years ahead as well.

"At a time marked by global geopolitical turmoil, Norwegian energy makes a direct contribution to our allies’ energy security, economic stability and national security. It is crucial that Norway continues to develop the continental shelf to remain a stable and long-term energy partner. The decisions we make today will have an impact on the long-term production of oil and gas on the Norwegian continental shelf", said Aasland.

Need for new projects in the future

Numerous ongoing construction and development projects have contributed to a high level of activity on the Norwegian continental shelf in recent years. Investment in the petroleum sector is estimated to be around 283 billion NOK in 2026. As major ongoing projects now are being completed, without a corresponding start-up of new projects, investments are expected to decline in the coming years.

Industrial activity on the shelf provides the basis for significant employment and activity in the Norwegian-based supply industry. The supply industry needs a continuous stream of new contracts going forward to maintain value creation, expertise and employment in Norway.

"To maintain the current level of activity, new development projects are crucial for the supply industry. It is therefore important that the industry develops profitable resources in its portfolio and exploits the business opportunities offered by the oil and gas resources on the Norwegian continental shelf. The Government supports this by facilitating further exploration, increased recovery and the development of discoveries through stable and predictable framework conditions", said Aasland.