Petoro manages a third of the oil and gas found on the Norwegian shelf. (Photo by Michael J Magee via Shutterstock)

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.

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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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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.