• 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
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days The United States produced more crude oil than any nation, at any time.
  • 9 days e-truck insanity
  • 4 days How Far Have We Really Gotten With Alternative Energy
  • 8 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 7 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 7 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 9 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 9 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 12 days Bankruptcy in the Industry

What Norway’s Elections Mean For Its Oil And Gas Industry

Norway is voting today in parliamentary elections whose outcome will likely set the pace for the decarbonization of the country's oil and gas industry.

Reuters reports that the most likely winner is the Labour Party, although it may need to form a coalition with at least two more parties to achieve a parliamentary majority.

"I believe that calling time on our oil and gas industry is the wrong industrial policy and the wrong climate policy," said the most likely next prime minister of Europe's largest oil and gas producer, Jonas Gahr Støre.

Yet he might have to compromise with potential coalition partners, including the Green Party, which wants to end oil production in Norway by 2035, and the Red Party, which pursues social reforms based on Marxist ideas.

Norway is one of the greenest countries in the world thanks to its abundant hydropower reserves and is also the car market with the highest uptake of electric vehicles. Yet the oil and gas industry remains an important revenue source to fuel economic growth.

The incumbent Conservative government believes Norway's oil and gas companies could achieve net-zero status while keeping a large portion of the population employed in its operations. The country is also investing heavily in offshore wind and carbon capture.

Related: The Major Problem With EVs No One Is Talking About

"The petroleum sector will remain a significant factor in the Norwegian economy in the years to come, although not on the same scale as today. The government will facilitate long-term economic growth in the petroleum industry within the framework of our climate policy and our commitments under the Paris Agreement," the government said earlier this year, following the release of the IEA's "Roadmap to Net Zero" report.

The Norwegian Oil and Gas Association also commented on the IEA report, saying it "does not share the assumption that OPEC members alone should account for more than half of oil and gas production for the world market in a 2050 perspective. If demand does not decline as rapidly as the IEA assumes in its scenario, and the supply side is simultaneously choked off, global energy provision could be threatened and lead to very high energy prices."

ADVERTISEMENT

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

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