According to Norwegian broadcaster NRK, amid the backdrop of the European energy crisis due to the onset of the war in Ukraine, and the loss of cheap Russian energy products in the European market, Norway saw its oil and gas revenues soar to record levels last year.

The channel reported that according to research institution NHH, Norway’s revenues from natural gas exports added up to 334 billion Kroner ($31.3 billion) for 2022, as Russian supplies of pipeline gas were shut down through the Nord Stream 1 pipeline entirely, and supplies through other means of delivery were restricted to varying degrees due to geopolitical issues.

NHH researchers wrote, “We find the price of coal and Russian supply shortfall to explain the majority of the fluctuations in the natural gas price over 2022.”

According to the report, the cost of the shortfall in Russian supplies of energy products such as coal and gas was responsible for 27% of the revenues from Norwegian gas exports in 2022, excluding supplies to the UK. The report found that in terms of Norwegian gas revenues, 2022 was a record year.

Arild Hermstad, the leader of Norway’s Green Party, was quoted by NRK as saying, “It is an insanely high number. It is reprehensible that Norway should profit from other people’s misfortune. The government makes it embarrassing to be Norwegian.”

Some European politicians have even gone so far as to characterize Norway as being a “war profiteer,” over the exceptional revenues.