The Norwegian government hasn't devised a strategy for phasing out oil and natural gas production. However, it's working to repurpose its offshore facilities, transforming them into hubs that can produce wind power, blue hydrogen, and other green energies.
In any case, depleting reserves will likely result in declining oil and natural gas production. Volumes are projected to fall back precipitously after 2030. Norway's actions to lower emissions consistent with the 1.5°C (2.7°F) Paris Agreement target have been rated "Almost Sufficient" by the Climate Action Tracker.
This is the second-highest rating after "1.5°C Paris Agreement Compatible", which, according to the tracker, no country has yet achieved.