Norway could be facing a “rapid decline” in its oil and gas production post-2030 due to a drop in exploration activity amid industry cutbacks in the wake of the Covid-19 pandemic, as well as a reduction in the size of finds, according to its state oil agency.

Only 30 exploration wells are likely to be drilled off the country in 2020, compared with 50 wells expected at the start of the year and 58 drilled in 2019, as oil companies have slashed spending in response to lower oil demand due to the pandemic and a shift towards renewable energy.