Norway earned $50.2bn (528 billion kroner) from direct oil and gas licenses in 2022, according to an announcement made by state-owned petroleum company Petoro.

This is more than five times the amount earned in an average year. Norway now covers 30% of Europe’s gas supply, making them Europe’s biggest supplier of natural gas, after Russia’s invasion of Ukraine caused countries across Europe to cut down on imports of Russian gas.

Petoro’s 2022 results are $32m higher than the previous year. Gas deliveries on the Norwegian shelf increased by 8% totalling 109 million standard cubic meters a day, and the company expects gas production to remain at the 2022-level for the next four-to-five years.

Petoro reports that total production accounted for 1.04 million barrels of oil equivalent a day. The Troll field is a significant asset, accounting for 60% of natural gas on the Norwegian shelf. Petoro claims that the Troll field can produce oil until the year 2070.

Petoro CEO Kristin Kragseth said in a statement that “secure and stable gas deliveries to Europe are more important than ever before, and Norway is guaranteeing this as a predictable and long-term supplier”.

Petoro was formed in 2001 during the partial privatisation of Equinor, as a means of moving the state holdings out of the company. The company manages a third of the oil and gas on the Norwegian shelf.

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By GlobalData

Petoro is involved in five of 13 new development plans on the Norwegian shelf, which were submitted to Norway’s Ministry of Petroleum and Energy in 2022. The company is also a part of three out of four proposed expansions to existing plans.