• 4 minutes Pompeo: Aramco Attacks Are An "Act Of War" By Iran
  • 7 minutes Who Really Benefits From The "Iran Attacked Saudi Arabia" Narrative?
  • 11 minutes Trump Will Win In 2020
  • 15 minutes Experts review Saudi damage photos. Say Said is need to do a lot of explaining.
  • 4 hours Iran Vows Major War Even If US Conducts "Limited Strikes"
  • 2 hours Shale profitability
  • 7 hours When Trying To Be Objective About Ethanol, Don't Include Big Oil Lies To Balance The Argument
  • 1 min Memorize date 05/15/2018 cause Huawei ban is the most important single event in world history after 9/11/2001.
  • 10 hours Ethanol, the Perfect Home Remedy for A Saudi Oil Fever
  • 17 mins Europe: The Cracks Are Beginning To Show
  • 14 hours Let's shut down dissent like The Conversation in Australia
  • 17 hours New designs will reduce transport fuels consumption
  • 8 hours One of the fire satellite pictures showed what look like the fire hit outside the main oil complex. Like it hit storage or pipeline facility. Not big deal.
  • 14 hours A little something for all you Offshore swabbies
  • 2 hours LA Times: Vote Trump out in 2020 to Prevent Climate Apocalypse
  • 18 hours Democrats and Gun Views
  • 27 mins US and China are already in a full economic war and this battle for global hegemony is a little bit frightening
  • 5 hours Yawn... Parliament Poised to Force Brexit Delay Until Jan. 31
Is It Time To Invest In Offshore Drillers?

Is It Time To Invest In Offshore Drillers?

Following an “absolutely horrible year,”…

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
Download on the App Store Get it on Google Play