• 2 days Shell Oil Trading Head Steps Down After 29 Years
  • 2 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 2 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 2 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 2 days Venezuela Officially In Default
  • 2 days Iran Prepares To Export LNG To Boost Trade Relations
  • 2 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 2 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 3 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 3 days Rosneft Announces Completion Of World’s Longest Well
  • 3 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 3 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 3 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 3 days Santos Admits It Rejected $7.2B Takeover Bid
  • 3 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 4 days Africa’s Richest Woman Fired From Sonangol
  • 4 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 4 days Russian Hackers Target British Energy Industry
  • 4 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 4 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 4 days Lower Oil Prices Benefit European Refiners
  • 4 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 5 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 5 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 5 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
  • 5 days Shell: Four Oil Platforms Shut In Gulf Of Mexico After Fire
  • 5 days OPEC To Recruit New Members To Fight Market Imbalance
  • 5 days Green Groups Want Norway’s Arctic Oil Drilling Licenses Canceled
  • 5 days Venezuelan Oil Output Drops To Lowest In 28 Years
  • 6 days Shale Production Rises By 80,000 BPD In Latest EIA Forecasts
  • 6 days GE Considers Selling Baker Hughes Assets
  • 6 days Eni To Address Barents Sea Regulatory Breaches By Dec 11
  • 6 days Saudi Aramco To Invest $300 Billion In Upstream Projects
  • 6 days Aramco To List Shares In Hong Kong ‘For Sure’
  • 6 days BP CEO Sees Venezuela As Oil’s Wildcard
  • 6 days Iran Denies Involvement In Bahrain Oil Pipeline Blast
  • 9 days The Oil Rig Drilling 10 Miles Under The Sea
  • 9 days Baghdad Agrees To Ship Kirkuk Oil To Iran
  • 9 days Another Group Joins Niger Delta Avengers’ Ceasefire Boycott
  • 9 days Italy Looks To Phase Out Coal-Fired Electricity By 2025
China’s Mysterious Arctic Silk Road

China’s Mysterious Arctic Silk Road

As China pushes through its…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Norway Dismisses Rumors Regarding Lift of Drilling Ban on Arctic Islands

Lofoten Norway

The Norwegian government dismissed reports on Thursday that it might lift bans on oil and gas exploration near picturesque islands in the Arctic Ocean before elections in 2017.

Reuters reported that the Oil and Energy Ministry had sent oil companies letters rejecting news reports that the Lofoten and Vesteraalen islands would be included in an upcoming licensing round.

"That's never been the case,” the ministry wrote in a statement.

Last week, the government had asked oil and gas companies to nominate blocks for future exploration that had already been open to oil and gas drilling.

The Lofoten region, which hosts sharp mountains rising from the sea, has been closed for drilling since 2013, when the right-wing government and two central parties reached a deal protecting the area’s rich cod spawning grounds from oil interests.

Hundreds of Norwegians gathered in central Oslo on Thursday to encourage the government to pursue action against climate change and take steps to protect the environment.

"We have to ensure that the Arctic is kept off limits," Truls Gulowsen, chief of Greenpeace Norway, told Reuters.

Had the Oil Ministry allowed exploratory drilling on the islands, the government would have likely collapsed before the September 2017 elections. The two centrist parties had demanded that Lofoten be off-limits to oil interests if the minority right-wing party wanted to retain a majority of seats in the parliament in 2013.

Related: How The Hanjin Bankruptcy Could Impact Oil Prices

Last month, Norway’s government announced new plans to use profits from oil and gas operations to fund clean energy projects.

Past Norwegian initiatives in the field of environmentalism include projects to contribute $1 billion to maintain the Amazon rainforest in Brazil and donating $350 million annually to protect wildlife in Indonesia and Guyana.

“We know there is a paradox,” Vidar Helgesen, the country's climate and energy minister, admitted in an official statement. ”We have been living well from oil and gas. But there is no country in the world that has done more to undermine the oil and gas industry than Norway.”

Since 1990, Norway has diverted much of its oil earnings to its climate change sovereign wealth fund, which has become the world’s largest. The money, reaching $890 billion as of June 2014, amounts to $178,000 for every Norwegian citizen.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Marcus Rönningås on September 14 2016 said:
    There will still be countries depending upon OG, and they will pay a high premium for that. For thoose making the transition towards renewables, they will have a competetive edge. Simple as that.

    We purchase COO's for ~0,2 USD/kWh, that is a small premium to pay in order to secure our electricity. Our problem is the four cars we have in the family - it will be 3-5 years before we have made the transition to EV's or plug-in hybrids.

    So Bill, I don't think You are entirely correct in the statemant regarding energy substitutes.
  • Bill Simpson on September 09 2016 said:
    Oil is too cheap right now to go after the Arctic island oil. Wait until it starts to run out, and the price goes way up, then open up the expensive drilling up there.
    Within 15 years, people will find out how valuable oil really is. Don't kid yourself, there is no energy substitute for oil and natural gas.

Leave a comment

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