Statoil finds more oil in Norwegian Sea

State oil company Statoil reported Monday that it had struck more oil during exploratory drilling in the Norwegian Sea. The new discovery at the Kayak well can yield between 25 million and 50 million barrels of oil, around 20 kilometers from the Johan Castberg field off Northern Norway. “We are very satisfied that we have […]

Paris pact ‘drowns’ in Norway’s oil

“This is crazy!” exclaimed the leader of Norway’s Natur og Ungdom (Nature and Youth) environmental organization on Wednesday, after the Norwegian government forged ahead with plans to open up more of the Arctic than ever before to oil exploration and production. Of the 102 new exploration areas to be offered next spring, 93 lie in […]

Norway defends its oil with creativity

NEWS ANALYSIS: Some people may be surprised to learn that Norway’s Arctic is “different” from other Arctic areas, thus making oil drilling and production less risky. Or that Norwegian oil production is much “cleaner” and “safer” than it is elsewhere. That’s what increasingly creative government ministers are claiming, though, and they won some support on Monday from international experts. “We’re […]

Winds of fortune blow from the north

More record growth in its fishing and tourism industries, along with more looming oil and gas activity, have made Northern Norway the country’s current driver of economic growth. A new survey also indicates that the north will continue to propel the economy for many months ahead. “It’s full steam ahead here around the clock,” Adrian Jakobsen, […]

Norway’s oil can flow for many years

More than half of all the oil and gas on the Norwegian Continental Shelf remains under the seabed, and can keep Norway’s oil industry pumping for years to come. That’s the main conclusion in this year’s report on the country’s oil resources from the state oil directorate. The directorate estimates that Norway’s collective petroleum resources amount […]

Climate law passed as more oil urged

Despite all the concerns about the climate and carbon emissions, the International Energy Agency (IEA) urged Norway this week to keep expanding its offshore oil and gas exploration and production. Norway’s state-owned oil company Statoil, meanwhile, has cut carbon emissions by 80,000 tons, and Parliament agreed Friday to cut all emissions in Norway by 40 […]

Greens vote to phase out oil industry

Members of Norway’s Greens party (Miljøpartiet De Grønne, MDG) voted at their national meeting over the weekend to work towards phasing out the country’s oil industry within 10 years. Oil Minister Terje Søviknes dismissed the move as “totally unrealistic” and “ridiculous.” Søviknes, from the conservative Progress Party (Fremskritts Partiet, FrP), went on to accuse the Greens […]

Prudence prevails in use of Oil Fund

Even though Finance Minister Siv Jensen has tapped into more of Norway’s oil revenues than any of her predecessors, to pad the state budget, the country’s famous Oil Fund just keeps growing. It’s the ultimate piggy bank, more than 70 percent bigger now than when Jensen assumed her post in 2013, and new figures show that […]

Huge reserves fuel Arctic oil debate

UPDATED: Norway’s petroleum directorate reported on Tuesday that the country’s undiscovered offshore oil and gas reserves in the Barents Sea may be twice as large as previously thought. That’s only fueling the debate over whether they should be found and tapped, at a time when the largest political parties want to do just that. The fate of […]

DNB: Economic optimism has returned

The investment banking arm of Norway’s biggest bank has reported a much brighter economic outlook for the country than that described by politicians trying to oust the conservative government. DNB Markets believes the oil industry crisis is letting up, unemployment rates are declining and gross national product is on the rise. The outlook is brighter than […]