• 3 minutes Electric cars may make driving too expensive for middle classes, warns Vauxhall chief
  • 6 minutes Natural gas mobility for heavy duty trucks
  • 12 minutes Colonial pipeline hack
  • 35 mins U.S. Presidential Elections Status - Electoral Votes
  • 15 hours Texas Power Outage Danger Until June 18th. Texans told to conserve energy!
  • 12 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 hours Succession Planning in Human Resources for Vaccinated Individuals in the Oil & Gas Industry
  • 23 hours Federal Judge Says Biden Probably Wrong for Halting Drilling on Federal Land
  • 3 days And now, hybrid electric locomotives...
Editorial Dept

Editorial Dept

More Info

Elections in Norway Decisive for Oil Drillers

Bottom Line: Norway’s September elections will likely end the battle over oil drilling off the Lofoten islands and pave the way most notably for Statoil ASA (STL) to drill for the estimated 3.4 billion barrels of oil equivalent in these waters.

Analysis: Right now, no one can drill off the protected Lofoten islands because junior partners in the governing Labor-led coalition have blocked all exploration here, while the Conservatives and Progress parties would green-light it if given the chance. We believe the issue will be decided definitively after September elections because the opposition Conservatives and Progress Party are poised to make bigger gains in the polls.

Recommendation: Follow this closely because the vote will be narrow. The most likely outcome is that the Conservatives and Progress Party will manage to form a minority government that will require support from the two other opposition parties. It would be enough power to get the coalition to fast-track an environmental impact study to get the exploration ball rolling. Polls right now show the four opposition parties in the lead, headed by Conservatives. Other opposition parties, though, like the Liberal Party and the Christian Democrats are against drilling off Lofoten. Polls show that the Conservatives have 28.4% of support, while the Progress Party has 14.4% of support. The Liberals and Christian Democrats have only 4.8% and 5.4%, respectively. The pressure is on to allow drilling here…




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News