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Page added on April 8, 2019

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Norway Is Falling Out of Love with Oil

Production

Western Europe’s biggest petroleum producer is falling out of love with oil.

To the dismay of the nation’s powerful oil industry and its worker unions, the opposition Labor Party over the weekend decided to withdraw its support for oil exploration offshore the sensitive Lofoten islands in Norway’s Arctic, creating a solid majority in parliament to keep the area off limits for drilling.

The dramatic shift by Norway’s biggest party is a significant blow to the support the oil industry has enjoyed, and could signal that the Scandinavian nation is coming closer to the end of an era that made it one of the world’s most affluent.

Oil companies led by state-controlled Equinor ASA, the biggest Norwegian producer, have said that gaining access to Lofoten is key if the country wants to maintain production as resources are being depleted. Estimates suggest that 1 billion to 3 billion barrels could be hiding off the archipelago, which is also considered a natural wonder.

“The whole industry is surprised and disappointed,” said Karl Eirik Schjott-Pedersen, head of the Norwegian Oil and Gas Association. “It doesn’t provide the predictability we depend on.”

Yet Labor’s decision wasn’t a big surprise. Norwegians are starting to question their biggest export and source of wealth amid growing concerns over climate change. Even some oil executives had already given up on Lofoten, which has been kept off limits for years thanks to political compromises.

But the battle will now likely move on to whether drilling should continue in the Barents Sea. The oil industry also fears that Labor now could be willing — or forced — to compromise on other issues the next time it takes the reins of government, such as petroleum taxes and an attractive exploration refund for companies that aren’t profitable.

Angry Union

Norway’s biggest oil union, Industry Energy, a long-time ally of Labor, lashed out at the party’s new stance on Lofoten, which was adopted less than two years after an internal party compromise on the issue.

“It creates imbalances in the policy discussions for an industry that’s dependent on a long-term perspective and we can’t accept that,” Frode Alfheim, the union’s leader, said by phone on Monday. “There’s probably a lot of people in the industry who are wondering what Labor actually stands for.”

Labor leader Jonas Gahr Store said Labor will continue to be a supporter of the oil industry and to back the existing tax system.

Yet he last week also said that he wants oil companies in Norway to commit to a deadline for making operations completely emissions free, an ambition the country’s top oil lobbyist called “very demanding.”

Industry Energy’s Alfheim still expects Labor and other big parties to protect the terms for oil companies, and said tougher requirements for emissions could be a good thing for the industry. But Norwegian authorities need to use both “stick and carrot,” he added.

“There needs to be a balance,” Alfheim said.

RIGZONE



35 Comments on "Norway Is Falling Out of Love with Oil"

  1. Shortend on Mon, 8th Apr 2019 8:19 am 

    Maybe they can cut and burn all those trees in the forest they have to keep themselves warm?

  2. Sissyfuss on Mon, 8th Apr 2019 8:47 am 

    Norway says no way , good on them.

  3. Duncan Idaho on Mon, 8th Apr 2019 8:57 am 

    Norway has a small population, and the average citizen is worth 1.2 million dollars.
    Rich, smart, and low population.
    US?
    Fat, short, and dumb- and broke, with Trump (a 6 times bankrupt sleaze bag scammer as “leader”).

  4. Dredd on Mon, 8th Apr 2019 9:56 am 

    Norway is late, but better late than never eh?

    The world is noticing that Oil-Qaeda’s fingerprints and DNA are on many dead and dying things (Beyond Fingerprints: Sea Level DNA – 2).

  5. Dredd on Mon, 8th Apr 2019 10:08 am 

    “Norway has a small population, and the average citizen is worth 1.2 million dollars.”

    https://en.wikipedia.org/wiki/List_of_countries_by_wealth_per_adult

  6. Robert Inget on Mon, 8th Apr 2019 11:30 am 

    Will Soothing KSA, Become Opening Salvos of WW3?

    One Hour ago. BBC

    US President Donald Trump has designated Iran’s elite Revolutionary Guard Corps (IRGC) as a foreign terrorist organisation.

    It is the first time the US has labelled another nation’s military as a terrorist organisation.

    Iran swiftly retaliated by declaring US Central Command as a terrorist organisation, Iran state news reported.

    Washington-Tehran tensions have risen since Mr Trump withdrew the US from the international Iran nuclear pact.

    Numerous IRGC and affiliated entities have previously been subjected to US sanctions in connection with alleged proliferation activities, support for terrorism and human rights abuses.

    Mr Trump’s statement on Monday said: “This unprecedented step, led by the Department of State, recognises the reality that Iran is not only a State Sponsor of Terrorism, but that the IRGC actively participates in, finances, and promotes terrorism as a tool of statecraft.”(30)

    Since the US is already engaged in “The War on Terror” Congress need not be bothered.

  7. Cloggie on Mon, 8th Apr 2019 11:39 am 

    Maybe they can cut and burn all those trees in the forest they have to keep themselves warm?

    Norway has 99% electricity from hydro.

    Norway is a DJT-certified non-shithole country and they are guaranteed to think before they decide on something and it is unlikely they will end up in the cold unexpectedly.

    Norway, like the EU, is committed to 100% renewable energy. Apparently they are confident they can get there while letting the Lofoten oil alone.

  8. Cloggie on Mon, 8th Apr 2019 11:43 am 

    US President Donald Trump has designated Iran’s elite Revolutionary Guard Corps (IRGC) as a foreign terrorist organisation.

    https://www.msn.com/en-xl/middleeast/top-stories/iran-sco-negotiating-tehrans-membership/ar-BBV4GcE

    “Iran, SCO Negotiating Tehran’s Membership”

    If DJT seriously wants to “discipline” Iran, he needs to hurry up. Because if he waits to long, Iran could be a full member of SCO and war against Iran would mean automatically war against Russia and China. Add to that the almost guaranteed hostility UK-EU over a no-deal Brexit and the battle lines will be pretty much defined:

    US, Canada, England (not Scotland), Australia and New Zealand against the rest of the world.

    May the best win.

  9. Robert Inget on Mon, 8th Apr 2019 12:04 pm 

    Unlike the last poster I don’t relish the end of history. (human)

    No sane investor should knock Norway. Unlike EVERY other oil exporter they invested profits in
    growth rather than multi million dollar townhouses in NYC, London or crazy expensive weapons or
    endless wars of choice like Iran/Iraq, Yemen, Qatar, Sudan, pipeline ready Afghanistan, Libya, etc.

    Who wants US to war with Iran?
    Two stand out. Saudi Arabia and Israel.

    Case rested.

  10. Cloggie on Mon, 8th Apr 2019 12:21 pm 

    “Unlike the last poster I don’t relish the end of history. (human)”

    Who is talking about the end of history? Trust me, there will be life after empire. Even in WW3, MAD will probably prevail.

    And in the unlikely event it won’t, it was nice to have known you all. See you all in a couple of hundred of millions of years:

    https://en.wikipedia.org/wiki/Eternal_return

  11. Cloggie on Mon, 8th Apr 2019 12:33 pm 

    Now even the BBC is dropping the term “civil war” in the US and contemplates the probability of a breakup of the US:

    http://www.bbc.com/future/story/20190221-what-if-california-seceded-from-the-us

    The BBC entertains the thought that it won’t be “Nazi’s” who could attempt to secede first, but the “liberals” instead.

    As Grofman says, “In a world in which California seceded, the most pessimistic scenario is further breakup of the US.”

    Note, pessimistic in the eyes of Britain and of course in the eyes of folks with illustrious names like “Grofman”.

    “The dollar would tank,” O’Leary says. “The euro and Chinese yuan could replace it as the global currency.”

    As I have said ad nausea: Eurosphere and Sinosphere will be the carrying pillars of the world of the 21st century. Nice to know that our Anglo friends all of a sudden are contemplating that possibility too.

    http://tinyurl.com/y8ydx6a9

    You read it here first. Glad to be of service.

  12. Cloggie on Mon, 8th Apr 2019 12:42 pm 

    Premature?

    https://www.dailymail.co.uk/news/article-6899913/Tory-HQ-admits-taking-European-Parliament-elections-23.html

    “Tory HQ admits it WILL be taking part in European Parliament elections on May 23 almost three years after Brexit vote in a humiliating new blow for the PM”

    Let’s wait until Wednesday, shall we?

  13. Cloggie on Mon, 8th Apr 2019 12:52 pm 

    Threesome Barnier-May-Corbyn?

    https://www.independent.co.uk/news/uk/politics/brexit-news-live-theresa-may-deal-second-referendum-jeremy-corbyn-eu-a8859351.html

    “Brexit news- live: Barnier dangles prospect of customs union amid howls of outrage from Tory Brexiteers at ‘surrender'”

    https://www.dailymail.co.uk/news/article-6898867/Are-Cabinet-Brexiteers-make-move.html

    “‘Frustrated’ Corbyn blasts May for refusing to move her red lines in Brexit talks after meeting with Cabinet Brexiteers in No 10 – despite rumors she WILL offer him a customs union as talks continue tonight”

    BBC Newsnight will be obligatory once again, tonight.

  14. Robert Inget on Mon, 8th Apr 2019 1:44 pm 

    Breaking:
    https://www.cnbc.com/2019/04/08/secret-service-chief-is-fired-nbc-news.html

    Trump is firing everyone who won’t break the law to do his bidding.

    IOW’s the White House is coming unglued.
    IMO details of the Mueller report are becoming known to top Republicans and staffs.

    Trump assumes any of his staff will lay down
    their futures for his insane ideas.

    IOW’s do jail time instead of “Ratting Me Out”. Telling the truth.

  15. Robert Inget on Mon, 8th Apr 2019 1:57 pm 

    We are being told Trump firing SS head was because of the Chinese lady messenger sent in to Mara Largo to deliver burner cell phones, dirty
    French post cards and a host of good stuff for someone on Trump’s staff, got caught and is doubtless spilling her guts.

    If an es·pi·o·nage link is made, Trump’s entire
    joke on the America bombs. (forgive the
    reference.

  16. Cloggie on Mon, 8th Apr 2019 2:09 pm 

    https://www.theguardian.com/commentisfree/2019/apr/08/brexit-deal-may-labour-uk-eu-customs-union

    “A Brexit compromise is in view. A customs union is the only solution”

  17. Robert Inget on Mon, 8th Apr 2019 2:32 pm 

    That’s one bit of good news, Cloggie.

    Obviously bigger than a bit for Europe and the UK.

    Good luck GB, not a dead letter, after all.

  18. Robert Inget on Mon, 8th Apr 2019 2:41 pm 

    Ok, here’s more skinny on Mara Largo influence
    peddling.
    POTUS gets the US taxpayers to fly him down to Florida week-ends where for hundreds of thousands $ he plays golf with wealthy dudes who need favors in Washington.

    https://www.miamiherald.com/news/politics-government/article228963409.html

  19. Robert Inget on Mon, 8th Apr 2019 2:46 pm 

    Having been a ‘Herald Boy’ 60 years ago, I know all about the Newspaper bidness.
    I got out of journalism before it became ‘the enemy of the people’.

    Just so ya know.

  20. Davy on Mon, 8th Apr 2019 2:54 pm 

    “POTUS gets the US taxpayers to fly him down to Florida week-ends where for hundreds of thousands $ he plays golf with wealthy dudes who need favors in Washington.”

    Well bob, Obama started the shit but you conveniently have memory loss on that subject. Fraud

  21. Cloggie on Mon, 8th Apr 2019 4:42 pm 

    http://www.unz.com/pcockburn/leaving-the-eu-has-already-left-britain-crippled-for-good/

    “Leaving the EU Has Already Left Britain Crippled for Good”

    Patrick Cockburn

    (Remain) BBC Newsnight now… show May in the pocket of Juncker.

    No breakthrough in Labour-Tory talks.

    Macron spokesman skeptical about new extension. Wants UK out before EU elections.

  22. I AM THE MOB on Mon, 8th Apr 2019 5:47 pm 

    Bernie Sanders quiets his critics as he becomes a 2020 front-runner

    https://www.apnews.com/ea9454ea29a246a59b97e731bac16aa2?fbclid=IwAR0-qVoKvW2YvCznwQ07JBOOe41TRodkcriyhXfj6XCS3tFcyGO7KuhfpgE

    Bernie takes the lead on the 6th anniversary of Thatchers death! LOL

  23. I AM THE MOB on Mon, 8th Apr 2019 7:38 pm 

    Clogg and Davy are fucking dumb as shit, like beyond comprehension almost..

  24. Davy on Mon, 8th Apr 2019 9:34 pm 

    “Well bob, Obama started the shit but you conveniently have memory loss on that subject. Fraud”

    Did I mention I voted for Obama, not once but twice?

  25. Not Davy on Mon, 8th Apr 2019 11:29 pm 

    This is a JuanP posting

    Davy on Mon, 8th Apr 2019 9:34 pm

  26. Not JuanP on Mon, 8th Apr 2019 11:46 pm 

    This is a JuanP posting
    Davy on Mon, 8th Apr 2019 9:34 pm

    Davy is full of shit as usual. What a dumbass.

  27. Davy on Tue, 9th Apr 2019 1:16 am 

    “Clogg and Davy are fucking dumb as shit, like beyond comprehension almost..”

    The Cloggmeister is not dumb at all.

    dumbass

  28. Davy on Tue, 9th Apr 2019 1:26 am 

    Donald, why do they hate us so much? Love from a soul brother, Davy. Now they are getting into your pocketbook. We can’t have that can we.

    (NEW YORK) — Another building is stripping Trump off its entrance.

    Residents of Trump Place on the Upper West Side of Manhattan have joined three other buildings in the neighborhood in stripping the president’s brassy five-letter name from their 46-story building in another sign that the Trump logo has become toxic.

    The move follows on the heels of losses at President Donald Trump’s golf courses, and decisions by several hotels that had licensed the president’s name to drop it. Thus far, fourteen properties have elected to jettison the Trump name for good, and more are on the way.

  29. Mitch on Tue, 9th Apr 2019 1:32 am 

    Ther Weekly Star discovered the source of President Trump’s unique hairdo.

    When Donald Trump sings the well-known 1950s tune “I love, I love, my calendar cat” he has modified a few of the words so that he sings (and those around him, including most vocally Vice president and Man Servant Mike Pence), “I love, I love, Donald’s scrotum sac.” I’m sure you are puzzled why substituted scrotum sac for calendar cat. We have this answer…. For some time now, intense speculation has circulated as to the origin of Donald Trump’s unique hair-doo. We finally broke the code. The Weekly Star paid a source “in excess of $1 million” to produce close-up photos that show a pubic hair transplant from Trump’s scrotum sac, anus area, armpits, and upper back to his head. The process occurred over a six-month period and involved multiple procedures.

  30. Not Davy on Tue, 9th Apr 2019 5:01 am 

    This is a JuanP posting

    Davy on Tue, 9th Apr 2019 1:16 am
    Davy on Tue, 9th Apr 2019 1:26 am

  31. JuanP sock on Tue, 9th Apr 2019 5:02 am 

    This is a JuanP posting

    Mitch on Tue, 9th Apr 2019 1:32 am

  32. Davy Sock Puppet on Tue, 9th Apr 2019 5:51 am 

    JuanP sock on Tue, 9th Apr 2019 5:02 am

  33. Davy on Tue, 9th Apr 2019 5:59 am 

    Not getting much sleep these days are you juanpee? LOL. Mental illness?

    Mitch on Tue, 9th Apr 2019 1:32 am
    DavyTurd The Hypocrite on Tue, 9th Apr 2019 5:55 am

  34. Davy on Tue, 9th Apr 2019 6:06 am 

    “Vehicle-Grid Integration Unlocks TheTrue Potential Of Electric Vehicles And Renewables”
    http://tinyurl.com/y5tx4gqy clean technical

    “Benefits Of Vehicle-Grid Integration Enel X has built a solution that aggregates the distributed network of electric vehicles into a flexible pool that can provide grid services to utilities or to the grid. As the number of EVs increases across the world, this pool of flexible capacity also continues to grow, offering more grid services and financial incentives for EV owners. Over the years, utilities have relied on a network of fossil fuel powered peaker plants that could be quickly fired up in instances where customer demand on the grid increased quickly. These expensive and dirty peaker power plants are being retired in many geographies, because innovative and cost-effective solutions like the virtual power plants created by Enel X’s smart chargers are displacing them in the competitive energy markets. Furthermore, by shifting when and how much electricity Enel X managed loads draws from the grid, Enel X helps utilities and grid operators reduce electricity costs, ease grid congestion, absorb excess solar and wind power and provide rapid response to unpredictable grid events.”

  35. Cloggie on Tue, 9th Apr 2019 6:32 am 

    International renewable energy agency says that by 2050, the global primary energy needs can be covered for 85% by renewables:

    https://m.spiegel.de/wirtschaft/unternehmen/oekostrom-koennte-2050-ueber-80-prozent-des-bedarfs-decken-a-1261923.html

    That would mean a shift towards electricity from 20% now to 50% in 2050.

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