Although oil output is on track to register its 12th consecutive year of decline on an annual basis, the fall should be less pronounced than the previous year's 8%. With a strong response to licensing rounds, high levels of investment, highly prospective frontier acreage, and discoveries in mature areas, Norway retains a number of strengths and opportunities despite the continued downtrend in production. However, we note that as new projects come online from the end of the decade, production is on track to rebound. With sizable untapped gas potential and our forecast for steady reserve additions, production decline should be mitigated, with overall gas output remaining flat over the forecast. We expect Norway to retain its role as key supplier of gas to Europe.