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Could Renewable Diesel Crush Oil Demand?

Could Renewable Diesel Crush Oil Demand?

Diesel prices continue to fall…

Norway To Drop ‘Petroleum’ From Energy Ministry’s Name

Norway’s government decided on Monday to rename the current Petroleum and Energy Ministry to Energy Ministry, effective January 2024, dropping ‘petroleum’ as Western Europe’s top oil and gas producer aims to advance all energy sources in the energy transition.  

Consequently, as of January 1, 2024, the Petroleum and Energy Minister will be known as Energy Minister, the cabinet said, adding that the ministry’s responsibilities do not change and it will be overseeing and drafting a coordinated holistic energy policy.  

The energy crisis has shown how interconnected all forms of energy are, Petroleum and Energy Minister Terje Aasland said in a statement.

“We need renewable energy, we need oil and gas and we need new low-emission technologies such as hydrogen and carbon capture and storage. There are no longer different sectors, but one energy sector,” Aasland added.

The change in the name of the energy ministry comes weeks after the government announced name changes in the authorities overseeing the industry. The Norwegian Petroleum Directorate will become Norwegian Offshore Directorate, and the Petroleum Safety Authority (PSA) will be renamed to the Norwegian Ocean Industry Authority, effective January 1, 2024.

“We have a shelf that is enormously rich in resources. Not only do we have oil and gas for a long time to come, we also have significant capacity to store CO2, as well as good wind resources,” the Petroleum Directorate’s Director General Torgeir Stordal said. 

“Not to mention that we've also identified a potential for considerable mineral resources,” Stordal added.

Norway continues to bet on all energy sources, including oil and gas, to boost Europe’s energy security and lower the emissions from energy production.

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Earlier this year, the Norwegian government approved the development of 19 offshore oil and gas projects worth more than $18.3 billion (200 billion Norwegian crowns) in investments. The projects include new developments, additional development of producing oil and gas fields, and investments to increase resource recovery in producing fields. 

By Charles Kennedy for Oilprice.com

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