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A draft budget released Thursday by the Norwegian government estimates Norway's oil production to increase by 15% in 2022.

The Norwegian government said, "The energy crisis in Europe makes Norwegian gas sales even more important for Europe than before." Norway provides approximately 25% of the gas the EU and the UK consume. Norway's natural gas production is expected to see an 8% increase this year compared to 2021.

Petroleum-based revenues are expected to increase drastically from $113 billion in 2022 to $132 billion next year.

Norwegian authorities allowed producers to increase gas production earlier this year to help the EU and UK prepare for, and hopefully reduce the effects of, a looming energy crisis this winter.

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While discussing the new draft budget, Norway's Minister of Petroleum and Energy, Terje Aasland said, "The new oil and gas development projects will help Norway maintain a relatively high level of oil and gas production until 2030 and continue to be a stable energy supplier to Europe."

Norway is the largest producer of oil and gas for Western Europe and will be opening the Johan Castberg oilfield at the end of next year to increase production as the EU and UK face the worst energy shortage in recent memory.

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