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Norway Votes On Future Of Oil Exploration

Geopolitics & Conflict

- Norway—the world’s North Sea offshore oil giant—has voted in critical parliamentary elections that will largely decide the fate of oil exploration. The left-wing opposition led by the Labour Party appears to have secured a stunning victory, with early results showing that they likely have won 99 of the 169 seats and could end up forming an absolute majority. With these numbers, it is possible that the new government will not have to join a coalition with the Greens, who would only support them if they moved to immediately end oil exploration—for good. Labour leader and millionaire Jonas Gahr Store has indicated his intentions to seek a compromise between pro-oil factions and those who would abruptly end oil exploration. Shore’s vision would be to continue to allow drilling, but only in areas already developed. At the same time, Norway’s newest offshore mature area licensing round has managed to attract over companies, who will now be slightly more at ease.

- The protests in Libya that closed Ras Lanuf and Es Sider earlier this week are now over, and oil exports have now resumed. But Libya’s crude problems are far from over. On Monday, protests calling for jobs and for Mustafa Sanalla to be ousted closed the 300,000 bpd Es Sider terminal and the Ras Lanuf, halting loadings. Despite the chronic disruptions to oil exports and production, Libya’s crude production has held fairly steady over…

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