Climate change and long-term caps on carbon emissions haven’t discouraged oil companies from applying for offshore exploration licenses in Norway’s territorial waters. The 26 applications received last week also encouraged the Norwegian ministry in charge.
Oil & Energy Minister Terje Aasland of the Labour Party still believes there’s a need for more exploration and discoveries “in order to maintain production of oil and gas over time.”
Aasland welcomed the applications to drill for more oil and gas that have arrived, calling them “important for both Norway and Europe.” Russia’s war on Ukraine and its decision to cut off gas supplies to Europe has prompted Norway to boost gas production to help fill the gap. Exploration licenses are expected to be doled out to most of the companies applying.