• 4 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 6 minutes UAE says four vessels subjected to 'sabotage' near Fujairah port
  • 9 minutes Why is Strait of Hormuz the World's Most Important Oil Artery
  • 13 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 10 hours California's Oil Industry Collapses Despite Shale Boom
  • 14 hours Knock-Knock: Aircraft Carrier Seen As Barometer Of Tensions With Iran
  • 2 hours Balancing Act---Sanctions, Venezuela, Trade War and Demand
  • 18 hours IMO2020 To scrub or not to scrub
  • 13 hours UK Needs New Wind Turbines
  • 12 hours Will Canada drop Liberals, vote in Conservatives?
  • 5 hours Shale to be profitable in 2019!!!
  • 8 hours Greenpeace Blocks BP HQ
  • 4 hours DUG Rockies: Plenty Of Promise, Despite The Politics
  • 18 hours The Consequences: Full-Blown Trade War Will Push World Towards Recession
  • 15 hours Australian Voters Reject 'Climate Change' Politicians
  • 15 hours Apartheid Is Still There: Post-apartheid South Africa Is World’s Most Unequal Country
  • 14 hours methanol fuel cells
  • 8 hours Get First Access To The Oilprice App!
  • 15 hours Wonders of Shale- Gas,bringing investments and jobs to the US
Can The U.S. Steal Gas Market Share From Russia?

Can The U.S. Steal Gas Market Share From Russia?

Though Russia has historically maintained…

California Threatens Gasoline Car Ban

California Threatens Gasoline Car Ban

California might ban gasoline-powered cars…

European Parliament Rejects Motion To Totally Ban Arctic Drilling

Arctic

The European Parliament rejected on Thursday a proposal to call upon the European Union to work for a total ban of oil and gas exploration in the Arctic.

The Members of the European Parliament (MEPs) voted 414 to 180 to reject a non-binding motion calling for the member states and the European Commission to work with international organizations towards “a future total ban on the extraction of Arctic oil and gas”.

The legislators, however, backed language that said that they “call for a ban on ‘oil drilling in the icy Arctic waters of the EU and the EEA’ as the use of fossil fuels will further accelerate climate change,” the European Parliament said in a press release. MEPs also reiterated their 2014 call to halt the use of heavy fuel oil in maritime transport on the Arctic sea.

The language of the resolution to include “icy” in Arctic waters is a victory for Norway, which has been lobbying to remove wording such as “total ban”, and has already banned exploration in ‘icy’ Arctic waters.

Earlier this week, Norway’s government announced initial plans to open a record number of oil exploration blocks in the Barents Sea, sparking renewed criticism from environmental groups. Norway’s Ministry of Petroleum and Energy is proposing 102 blocks in the 24th licensing round, of which nine blocks are in the Norwegian Sea, and a record-high 93 blocks – in the Barents Sea. A considerable number of the blocks proposed in the Barents Sea are located north of the northernmost oil discovery in Norway.

Related: Saudi Arabia Tries To Reassure Markets After Oil Price Plunge

And while Canada and the U.S. ban Arctic drilling for oil and gas, motivated by environmental concerns, Nordic energy companies are planning to increase drilling in Norway’s Arctic shelf in the Barents Sea, especially since the price rise has been accompanied by a major discovery for Lundin and a likely future major discovery for Statoil.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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