economy
‘We are talking about energy security for Europe’: Norway doubles down on oil and gas production
Norway’s energy minister says country has a ‘responsibility’ to address shortfalls caused by wars in Ukraine and Middle East
TL;DR
- Norway plans to develop and expand its offshore oil and gas activity, not dismantle it.
- Three gasfields closed in 1998 will reopen by the end of 2028 to address energy shortfalls.
- Norway aims to maintain stable production levels and increase exploration, particularly in the Barents Sea.
- The energy minister stated Norway has a responsibility to ensure energy security for Europe.
- Environmental campaigners criticize the decision as 'greenwashing' and a disregard for expert advice.
- Norway's consistent tax rate and substantial oil and gas sector contribute significantly to its sovereign wealth fund.
- The country's approach contrasts with the UK, which has ruled out new oil and gas exploration licences.