• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 hour GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days Does Toyota Know Something That We Don’t?
  • 7 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 3 days World could get rid of Putin and Russia but nobody is bold enough
  • 3 days America should go after China but it should be done in a wise way.
  • 7 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 5 days China is using Chinese Names of Cities on their Border with Russia.
  • 7 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 6 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 6 days Putin and Xi Bet on the Global South
  • 7 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 7 days United States LNG Exports Reach Third Place
  • 7 days Biden's $2 trillion Plan for Insfrastructure and Jobs

Norway Is A Step Closer To Permanent Oil Drilling Ban At Lofoten

In a major policy shift during the weekend, Norway’s Labor Party—a long-time ally of the oil industry and the biggest party that is currently in opposition—said it would no longer support opening up the Lofoten archipelago to oil drilling, taking Norway a step closer to a permanent drilling ban in the area.

The scenic Lofoten archipelago is currently off limits for oil drilling thanks to years of political compromises. The ruling Conservative Party, as well as Labor until very recently, supported in principle the launch of feasibility studies for potential development, but didn’t have the support from their junior partners when in power.

Now with the Labor Party withdrawing its support to potential oil development, the Lofoten area will likely remain off-limits for oil exploration, as the biggest party joins the smaller parties in Norway’s Parliament who don’t want to risk damaging the pristine archipelago either.  

Environmentalists and smaller parties in Norway have been strongly opposed to any meddling with the beauty of the Lofoten, Vesterålen, and Senja islands.

“It takes courage and vision to stand up for systemic change. The permanent protection from oil drilling and exploration in Lofoten in Northern Norway should serve as an example for the rest of the world,” environmental protection organization SeaLegacy said, commenting on the Labor Party’s decision.

The major shift in position from the biggest party and long-time oil industry supporter, Labor, likely means that the area will never be tapped. 

Estimates have put the potential oil resources underneath the picturesque islands at between 1.3 billion and 3 billion barrels of oil equivalent, estimated to be worth US$60-65 billion.

The shift in the Labor Party’s position on Lofoten drilling, however, could make the oil industry nervous that further shifts in political support for oil drilling could come in the future.

ADVERTISEMENT

According to Bloomberg, the oil drilling debate could now move to whether more areas in the Arctic Barents Sea should be open to oil drilling and development.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • Bill Simpson on April 09 2019 said:
    They don't realize how dependent we are on oil to move goods around the globe, and to grow and transport food. As soon as the oil supply can no longer meet the oil demand, they will discover how wrong they are. Everything will begin to shut down, and Norway won't escape, no matter how rich they are by then. You can't eat gold, and millions of hungry people won't leave you alone.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News