‘We are talking about energy security for Europe’: Norway doubles down on oil and gas production
Summary
Norway plans to keep and increase its offshore oil and gas production to help meet Europe's energy needs. The government announced it will reopen three gas fields by 2028 and maintain current production levels through the 2030s, despite environmental concerns.Key Facts
- Norway’s Energy Minister, Terje Aasland, confirmed plans to develop more oil and gas activity on the continental shelf.
- Three gas fields closed since 1998 will reopen by the end of 2028 to address supply shortages caused by the Ukraine war and Middle East disruptions.
- Norway has 97 offshore oil fields and expects to reach over 100 within two years, producing around 2 million barrels of oil per day.
- The Barents Sea in northern Norway is a new area for oil, gas, and potentially seabed minerals mining.
- Norway aims to remain a reliable oil and gas supplier to Europe for decades to ensure energy security.
- The decision to expand offshore production has been criticized by environmental groups and some political parties.
- State-owned Equinor plans to invest about $6 billion annually until 2035 to keep production stable and develop new fields.
- The oil and gas sector employs about 210,000 people in Norway, and job security is a government priority.
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