• 9 hours Oil Prices Rise After API Reports Major Crude Draw
  • 10 hours Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 10 hours Gazprom Speaks Out Against OPEC Production Cut Extension
  • 11 hours Statoil Looks To Lighter Oil To Boost Profitability
  • 12 hours Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 13 hours Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 14 hours Whitefish Energy Suspends Work In Puerto Rico
  • 15 hours U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 1 day Thanksgiving Gas Prices At 3-Year High
  • 1 day Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 1 day South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 2 days Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 2 days Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 2 days Iraq Steps In To Offset Falling Venezuela Oil Production
  • 2 days ConocoPhillips Sets Price Ceiling For New Projects
  • 4 days Shell Oil Trading Head Steps Down After 29 Years
  • 4 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 4 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 4 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 5 days Venezuela Officially In Default
  • 5 days Iran Prepares To Export LNG To Boost Trade Relations
  • 5 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 5 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 5 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 5 days Rosneft Announces Completion Of World’s Longest Well
  • 5 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 6 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 6 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 6 days Santos Admits It Rejected $7.2B Takeover Bid
  • 6 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 6 days Africa’s Richest Woman Fired From Sonangol
  • 6 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 6 days Russian Hackers Target British Energy Industry
  • 6 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 7 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 7 days Lower Oil Prices Benefit European Refiners
  • 7 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 7 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 7 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 8 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
Alt Text

Energy Majors Hit Hard By Climate Regulations

Siemens and General Electric have…

Alt Text

EVs Won’t Stifle Oil Demand Anytime Soon

There will be 280 million…

Irina Slav

Irina Slav

Irina is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing on the oil and gas industry.

More Info

Norway’s Energy Minister Sees Strong Long-Term Demand For Oil

Norway

Norway is at the forefront of Europe’s green energy shift, but it is also its biggest crude oil producer. The country has so far juggled successfully with the two opposing concepts of emission-reduction and oil production, and according to its energy minister, it will continue to do so in the decades to come, despite forecasts about impending peak oil demand.

In an interview with Bloomberg, Terje Soviknes said that despite the renewables revolution, it still made sense—financially and morally—to explore for more oil. “I’m not that concerned with when exactly we get peak demand, whether that’s in 2030, ’35, ’40 -- or earlier for that matter. What’s most important is that there’s high demand, and that’s going to be there for decades to come. We must position the Norwegian shelf for that,” he said.

The official acknowledged OPEC’s progress in helping oil’s fundamentals move closer to balance, and said that for Norway, the most immediate threat was the lack of any significant new discoveries to ensure stable oil supply for the near term. In this context, the long-term trends in oil and fuel demand must take a back seat.

State-owned energy major Statoil has been on the hunt for new discoveries for a while now as oil prices rebounded from their trough last year, but it has reported disappointing results at home – its Arctic drilling campaign this year produced no meaningful results and the company said it will be back next summer to drill more.

At the same time, there are large oilfields slated to start pumping crude in the next few years. Johan Sverdrup, which is estimated to hold between 1.9 billion and 3 billion barrels of oil equivalents, is scheduled to start production in 2019. Johan Castberg, with proven reserves of some 400-600 million barrels, should start production in 2022.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News