This article deals with techno-economic analysis for production of transportation liquid fuel from biomass (biomass to liquid - BTL fuel) under Norwegian conditions, via thermal gasification followed by Fischer-Tropsch (FT) synthesis, integrated with combined heat and electricity production. The production plant is fuelled by 150 MW (LHV basis) of biomass in the form of raw woodchips or torrefied woodchips. The plant design is based on high temperature entrained flow gasification followed by catalytic Fischer-Tropsch synthesis. The plant efficiency based on FT-crude efficiency, thermal power efficiency, and electrical efficiency was predicted for two cases: with and without carbon capture and storage (CCS). In addition, it was also estimated for the production cost of FT-crude in terms of ($/GJ) in various plant operating conditions with varied feedstock quality, gasification temperature, and gasification equivalence ratio.