The Norwegian state received record oil and gas revenues last year, due in particular to the war in Ukraine which helped propel the price of gas to historic highs in Europe, according to official figures published on 6th March.
According to estimates by the Norwegian Institute of Statistics SSB, the Scandinavian state has garnered 1,457 billion crowns (131 billion euros) in revenue linked to hydrocarbons, “by far the highest figure ever recorded”. For comparison, this is almost three times more than in 2021 (498 billion crowns).
Due to a sharp reduction in Russian deliveries and an increase in its own exports, Norway will become Europe’s largest supplier of natural gas in 2022, taking advantage of the surge in prices that have reached a record during the summer.
These exceptional revenues have sometimes earned Norway the label of a “war profiteer”, a label that Oslo rejects.
After 1 billion euros last year, the Norwegian government has decided to grant 75 billion crowns (6.8 billion euros) in civil and military aid to Ukraine over the next five years (2023 -2027), or 15 billion crowns per year.
The Norwegian state earns oil and gas revenues through taxes imposed on oil companies, its direct stakes in oil and gas fields and in infrastructure (pipelines, etc.) and dividends paid by the energy giant Equinor, of which he owns 67%.