All-time high for Norway's oil and gas production

Norway currently has 90 oil and gas producers, but – in a few years – could grow to more than 130.

Despite the country’s efforts to adapt to climate change, oil sales in Norway are making progress. Diderik Lund, a professor of economics at the University of Oslo, told the NTB news agency that humanitarian work in Covid was a major factor.

In the first months of the Covid-19 epidemic, the Norwegian parliament imposed taxes on oil and gas companies as part of a package of aid.

Opponents, particularly the Green Party, argued that changes in the tax system hurt the transition to green power by making ‘unprofitable’ projects to make fossil fuels more profitable. They have called on the European Free Trade Association (EFTA) to reconsider, as it could violate EU rules on government assistance.

As a member of the European Economic Area (EEA), Norway is part of the EU’s domestic market.

Ideas of the company Rystad Energy, a consulting company, told NTB that it has at least 58 jobs coming up – and will soon change the list.

Disappointed by the low oil prices and the epidemic, the companies initially saw a rapid decline in projects, which would have been particularly difficult for large companies like. Aker and Kvaerner, which supplies oil and gas production facilities.

Second to Russia

Norway is the largest supplier of gas to the EU after Russia. With the highest gas price last year, the country exported gas from October 2021 for more than € 7bn, as well as history.

In the last few years, the Norwegian government has issued new licenses to monitor oil and gas companies. The a new government that took office last month said it would continue to issue licenses, and the next phase would be in January.

While there is a great need in Norway to stop the issuance of new licenses, there are many candidates in parliament to keep up the good work. The government and the oil companies argue that in the meantime, a complete suspension could undermine the transformation of the supply chain.

“If we say from day to day that we will close production from the Norwegian shelf, I believe this will stop the industrial revolution that is needed to achieve zero growth … it is about production and movement, not closing,” Prime Minister Jonas Gahr said. Støre adauza Financial Times.

But this controversy is debated.

The SSB (Statistics Norway) stated in the report that the economic consequences of the expiration of new licenses may be minor.

SSB researcher Ådne Cappelen told NTB that oil production could hurt economic change, as coastal winds and more and more hydrogen companies are competing with the same workers.

Norway’s oil and energy minister, Marte Mjøs Persen, told NTB that increased production was a major factor. Johan Sverdrup oil spill will culminate in production in 2024. He added that more fields do not mean greater production, because new fields are smaller than old farms.

The European Commission was pleased when Norway increased its gas exports to Europe last month. But on the same day Energy Commissioner Kadri Simson praised Norway’s growth, the EU announced in a report that it would do so. Arctic exploration activity. Many of Norway’s future gas and oil reserves are at High North.

Norway is following the gas dispute and taxes closely. The power crisis has profoundly affected the government.

Norway’s Minister of Meteorology, Espen Barth Eide, told reporters after last month’s Glasgow COP26 that air would be part of the greenhouse system, as a better alternative to coal. “That is why Europe will need Norwegian air,” he added.

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