According to OGJ, the five countries in the North Sea region had combined, proven Natural Gas reserves of 169.8 trillion cubic feet (Tcf). Two countries, Norway and the Netherlands, account for over three-fourths of these reserves. On the other hand, the United Kingdom is the largest producer. The North Sea region is an important source of natural gas for Europe, second only to Russia in total exports to the European Union (EU). Natural gas production in the region has increased dramatically since the early 1980s, with a 2003 production level of 9.9 Tcf that was 56 percent above the 1980 level. However, regional natural gas production has begun to flatten, with only Norway adding any significant new capacity in recent years.

The North Sea holds the majority of Norway's natural gas reserves, but there are also significant quantities in the Norwegian and Barents Seas. Norway is the eighth-largest natural gas producer in the world, producing 2.59 Tcf in 2003. However, because of the country's low domestic consumption, Norway was the world's third-largest net exporter of natural gas in 2003, behind Russia and Canada.

A small group of fields account for the bulk of Norway's total natural gas production. The single largest field is Troll, which produced 930 billion cubic feet (Bcf) in 2004 and represents about one-third of Norway's total natural gas production. Other important fields include Sleipner Ost (450 Bcf), Asgard (360 Bcf), and Oseberg