Norway expects to earn record $131 billion from oil, gas in 2023

The Norwegian government expects record income next year from its oil and gas industry, predicting a rise of 18 per cent from this year's level and a fivefold increase over 2021 as production rises and prices soar.

European gas prices have roughly tripled in 2022 following Russia's cut in supplies both before and after its invasion of neighbouring Ukraine, and the price is up tenfold compared to levels seen prior to last year, Reuters reports.

Norway, Europe's number one gas supplier and a major global crude producer, expects to pump 4.3 million barrels of oil equivalent per day next year, up from an expected 4.1 million barrels in 2022 and ensuring big financial gains from the spike in energy prices.

The Norwegian finance ministry in its draft budget for 2023 said oil and gas revenue next year was seen rising to a record 1.38 trillion crowns ($131 billion) from 1.17 trillion crowns in 2022 and 288 billion crowns in 2021.