The year 2022 was a good one for the Norwegian state, which collected record oil and gas revenues of 1,457 billion kroner, or about 131 billion euros. This exceptional increase is due in particular to the war in Ukraine, which has led to a sharp rise in the price of gas in Europe, of which Norway has become the largest supplier thanks to a reduction in Russian deliveries and an increase in its own exports. However, these recipes have earned the Scandinavian country the label of “war profiteer,” a label that Oslo rejects.
Norway, Europe’s largest supplier of natural gas
The 2022 figure is three times higher than the 2021 figure, and is an all-time record for the country. Norway has thus benefited from the surge in natural gas prices, which reached a peak last summer. The Norwegian government’s oil and gas revenues are generated through taxes imposed on oil companies, its direct holdings in oil and gas fields and infrastructure, as well as dividends paid by the energy giant Equinor, in which it owns 67%.
Financial support for Ukraine
Faced with the label of “war profiteer”, the Norwegian government has decided to grant civilian and military aid of 75 billion kroner (about 6.8 billion euros) to Ukraine over the next five years, or 15 billion kroner per year. A way for Norway to support democracy and stability in Europe, while the war in Ukraine is still raging.
