• 4 minutes Drone attacks cause fire at two Saudi Aramco facilities, blaze now under control
  • 7 minutes China Faces Economic Collapse
  • 13 minutes Oil Production Growth In U.S. Grinds To A Halt
  • 15 minutes Iran in the world market
  • 18 minutes Ethanol, the Perfect Home Remedy for A Saudi Oil Fever
  • 48 mins USA Wants Iran War -- Shooty Shooty More
  • 37 mins Collateral Damage: Saudi Disruption Leaves Canada's Biggest Refinery Vulnerable
  • 1 hour USA : Attack came from 'Iranian soil'. Pompeo to release 'evidence'.
  • 7 hours Never Bring A Rapier To A Gun Fight
  • 10 hours Bahrain - U.S.: Signed Deal To Buy Patriot Missiles
  • 1 hour Yawn... Parliament Poised to Force Brexit Delay Until Jan. 31
  • 10 hours Trump Will Win In 2020 And Beyond..?
  • 12 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.
  • 12 hours How OPEC and OECD play their role in setting oil price in light of Iranian oil sanction ?? Does the world agree with Iran's oil sanctions ???
  • 7 hours Aramco Production
  • 10 hours Democrats and Gun Views

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

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.

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

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play