Why is Norway a key energy partner for the EU?

Norway is a key energy partner for the EU and a major supplier of oil, gas and electricity. In the first 5 months of 2023, Norway was our largest gas supplier, providing 50% of the EU’s pipeline natural gas. In June 2022, the EU and Norway highlighted their strong relationship as neighbours, partners and allies in a joint statement.

What type of energy does Norway produce?

Norway is a large energy producer, and one of the world's largest exporters of oil. Most of the electricity in the country is produced by hydroelectricity.

Is Norway a natural gas exporter?

Thanks to its ample reserves of oil and natural gas, Norway is a net energy exporter: in 2020, 87% of its energy production was exported. From a global perspective, Norway is the seventh-largest natural gas producer in the world, supplying 3% of global gas consumption.

Why is Norway a major energy producer and exporter?

At the same time, as a major oil and gas producer and exporter, Norway will need to support an evolution of its energy sector amid a global energy transition. Thanks to its ample reserves of oil and natural gas, Norway is a net energy exporter: in 2020, 87% of its energy production was exported.

Is Norway a good country for electricity?

Norway is therefore well-integrated in the Nordic and European electricity markets. Moreover, as electrification forms a central part of any country’s energy transition, Norway finds itself in an enviable starting position.

What is Norway's energy demand?

Moreover, Norway’s energy demand is highly electrified: in 2020, electricity covered almost half of the country’s total final consumption (TFC), the highest share among IEA member countries.