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Norway refuses to drill for billions of barrels of oil in Arctic, leaving ‘whole industry surprised and disappointed’

Production

The largest party in Norway’s parliament has delivered a significant blow to the country’s huge oil industry after withdrawing support for explorative drilling off the Lofoten islands in the Arctic, which are considered a natural wonder.

The move, by the opposition Labour party, creates a large parliamentary majority against oil exploration in the sensitive offshore area, illustrating growing opposition to the polluting fossil fuel, which has made the country one of the world’s most affluent.

The country currently pumps out over 1.6 million barrels of oil a day from its offshore operations.

Norway’s largest oil producer, the state-controlled company Equinor ASA, has said gaining access to oil supplies in Lofoten is essential for the country to maintain production levels.

It is thought there are between 1 billion to 3 billion barrels of oil beneath the seabed off the Lofoten archipelago. The area had already been kept off limits for years by Norway’s coalition government through various political deals.

“The whole industry is surprised and disappointed,” Karl Eirik Schjott-Pedersen, head of the Norwegian Oil and Gas Association told Bloomberg. “It does not provide the predictability we depend on.”

Labour’s opposition, announced by its leader, Jonas Gahr Store, exposes a rift in the party as the leadership tries to reflect the population’s rising environmental concerns, while also aiming to support workers’ unions in the oil industry, which have been major backers of the party.

Mr Store said his party would continue to support the oil industry, but has also said he wants oil firms in the country to commit to a deadline for making all operations emissions free.

Norway’s biggest oil union, Industry Energy, which has been a long-time ally of Labour, has attacked the party’s new stance on drilling in Lofoten, which comes 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, told the Sydney Morning Herald.

“There’s probably a lot of people in the industry who are wondering what Labour actually stands for.”

The move comes days after Norway’s government gave the go-ahead on Friday for its $1trillion (£760bn) oil fund – the world’s largest sovereign wealth fund – to invest in renewable energy projects not listed on stock markets.

Billions are expected to be spent on wind and solar power projects.

It is the latest indication that wealth accumulated through fossil fuels is being redirected towards future profits in renewable energy. Greater numbers of industries and countries have begun fossil fuel divestment strategies, citing future risks to their business and economic models.

Last month Norway’s oil fund said it would no longer invest in 134 companies which explore for oil and gas, but would retain stakes in large oil firms including BP and Shell, which have renewable energy divisions.

www.independent.co.uk



30 Comments on "Norway refuses to drill for billions of barrels of oil in Arctic, leaving ‘whole industry surprised and disappointed’"

  1. Duncan Idaho on Thu, 11th Apr 2019 7:23 pm 

    Being rich and well educated isn’t good for capitalism.
    Dumb and desperate is much better.

  2. union-of-muzzie-lovers-of-america-AKA-fmr-paultard on Thu, 11th Apr 2019 8:42 pm 

    well supertard elon let go of heather heard in order to concentrate on spacex for our sake. tanks supertard elon. he also named the launchpad ‘of coure i still love you’. if putin wants to keep rd-180 he can have it. the merlin engines have very high thrust/weight ratio and designed to be used together, falcon heavy had 27 of them.

    i wonder what aswang thinks about this

  3. Cloggie on Fri, 12th Apr 2019 12:02 am 

    This is a direct consequence of Norway being a member of the European Common Market and adherent of the EU tenewable energy policy:

    https://energifaktanorge.no/en/eu-lovgivning/eos-avtalen-og-norsk-energipolitikk/

    In Europe renewable energy is being taken seriously. I can assure you that Norway is neither “dumb”, nor “desperate”. Norway believes in hydrogen, not oil, climate thingy. What Denmark is to wind turbines, Norway is to hydrogen. Master the new energy sources first and you will be the geopolitical top dog for decades to come.

    Without windmills no Dutch 17th century.
    Without coal and steam no British 19th century.
    Without oil no American 20th century.

    Ignore this insight at your own geopolitical peril.

  4. union-of-muzzie-lovers-of-america-AKA-fmr-paultard on Fri, 12th Apr 2019 12:02 am 

    ok i found AOC pic with a muzzie prayer bump. this chick is cray yous guys

    http://tinypic.com/view.php?pic=111htw3&s=9#.XLAbUkN7mit

    check other muzzies with prayer bumps. they’re terrarists

    http://tinyurl.com/y5hs8dzo

  5. asg70 on Fri, 12th Apr 2019 12:23 am 

    ^^^ get back on your meds.

  6. Antius on Fri, 12th Apr 2019 3:04 am 

    “Without windmills no Dutch 17th century.
    Without coal and steam no British 19th century.
    Without oil no American 20th century.

    Ignore this insight at your own geopolitical peril.”

    Cloggie, apparently you have failed to understand what this insight actually means. In each case, there is an increase in system power density and controllability and in each case there is an increase in EROI and net energy, leading to an increase in the general wealth of society as well as its ability to project power.

    The whole EU ‘transition to renewables and hydrogen’ project, essentially takes you back to square one. Maybe it will work at some level, but you are kidding yourself if you believe that it will allow you to maintain the sort of industrial capability and affluence that your people grew accustomed to in the era of fossil fuels. Nor will it allow you to project geopolitical power in the way that the US and British did during their era of dominance. And of course, it will not allow you to escape the limited confines of the Earth, before the thermodynamic energy trap closes and traps us here forever. All of these things were and are possible, only by using high EROI concentrated carbon based or nuclear fuels.

    The next logical step in your sequence would be nuclear energy; which continues the trend in rising power density, increasing EROI and controllability. But of course, that is not the answer you want to hear.

    It is time for Europe to make some tough but necessary choices. Do you want to be the civilisation that dominates the Earth and colonises the solar system? You won’t accomplish these sorts of things with wind mills.

  7. Theedrich on Fri, 12th Apr 2019 4:01 am 

    “Knowledge is the only instrument of production that is not subject to diminishing returns.”  – J.M. Clark, Journal of Political Economy, 1927

  8. forbin on Fri, 12th Apr 2019 4:13 am 

    I do wonder at this new kids movement

    will they hand back their iphones and ipads?

    will they hand back their fancy trainers?

    will they tell their parents that the holiday needs to be cancelled ?

    I would put good money on that the answer would be NO! ( at least for the majority of them )

    Forbin

  9. Antius on Fri, 12th Apr 2019 4:20 am 

    In 1986, the Chernobyl nuclear accident spilled radioactivity over a large part of Europe. The resulting radioactive pollution is estimated to have produced up to 4000 early fatalities. A disaster of unprecedented proportions you may think?

    Air pollution from fossil fuel combustion is killing 100,000 people in the US every single year. At US population density, that is equivalent to having a Chernobyl type accident at least once a week!

    https://tinyurl.com/y3o4qejn

    No public outcry. When the problem is discussed at all, it is climate change that is considered to be the big issue. In Europe, with higher population density, the problem is even worse. Across the world, the annual death toll stands in the millions!

    https://tinyurl.com/y6ceyk5n

    In Europe, the political elite are actually closing nuclear power plants and burning more coal and gas – the very culprits that are causing the problem.

    Human beings are literally dying from their own stupidity.

  10. American Evil on Fri, 12th Apr 2019 5:02 am 

    American Evil:

    * US soldiers murdering helpless captured German troops on April 29, 1945. American Col. Howard Buechner, who researched the incident yet did not condemn it, says 520 disarmed German POWs were slaughtered over the course of a day in this one incident alone. Another US officer, Gen. Felix L. Sparks, tried to minimize the massacre by claiming that the German POWs were shot “by a nervous US soldier who thought they were trying to escape” and that the total number was “about 30.”

    • Some of the Soviet soldiers who raped and tortured German were directly encouraged — in some cases forced — to do so by their own officers, many of them White-hating Jews.

    • Not all had to be forced, however — every army that has ever existed contains a certain percentage of sadists who are “living out their dreams.”

    • And it also wasn’t just the Soviets perpetrating this, the largest mass rape ever recorded in human history — American soldiers also raped German women on a huge scale, a fact that has been covered up by our court historians and the Jewish-controlled media.

    • Another event that has been intentionally obscured is the deliberate policy of the Allies and of “war hero” Eisenhower personally to starve the German civilian population to death after the war was over.

    • In contrast, and due in large part to the leadership of Adolf Hitler, the Germans treated captives and defeated populations very, scrupulously adhering to the standards of the Geneva Convention.

    • Did you know about the orders given to American pilots to fly low over German fields, villages, and schools and literally “shoot anything that moves”? It was little different in Japan. No wonder some World War 2 veterans refuse ti speak of what they did in that war.

  11. Davy on Fri, 12th Apr 2019 5:36 am 

    “It is time for Europe to make some tough but necessary choices. Do you want to be the civilisation that dominates the Earth and colonises the solar system? You won’t accomplish these sorts of things with wind mills.”

    I agree Antius. We have been digging into renewables now for years and they don’t have what it takes. Yet, why do we have to extend the status quo with whatever it takes? We can live differently instead. Look at what knowledge and tech have done to our species and the planet. We are fat, lazy, and idiots. The planet is being destroyed. The reality is we will likely find time with renewables supplementing a fossil fuel decline. If we do not war ourselves to death and the economy does not fall apart quickly many places will transition to something possibly better. Populations will have to drop and consumption change. We will be less affluent but maybe wiser. The danger and excitement is the getting from here to there. There is no assurance of success. We are in uncharted waters. Renewables are a fantastic tech and we should power out with them. I do agree we need to maintain NUK but I grit my teeth when I say that. All those spent fuel ponds make me queasy. It appears hope is lost sometimes when we look at everything that is bad today but let’s remember life cycles and it is possible better human behavior might surface. I hope it will because the current situation is suicide.

  12. Davy on Fri, 12th Apr 2019 5:40 am 

    “Knowledge is the only instrument of production that is not subject to diminishing returns.” – J.M. Clark, Journal of Political Economy, 1927

    “Hunger is the handmaid of genius.”
    – Following the Equator, Mark Twain

  13. Sissyfuss on Fri, 12th Apr 2019 7:55 am 

    One of the mind opening events that is motivating Norways intention of abandoning FFs is the annual burning of boreal forests including those approaching the Artic Circle. It’s happening in Canada and Russia as well but as so few humans inhabit the region it is ignored by the corporate press. As the nonpermafrost releases more methane in these regions the fires will cleanse the area of flora and fauna as well as eliminating carbon sinks that grow ever more precious to a warming world. I wish Norway the best.

  14. Robert Inget on Fri, 12th Apr 2019 8:32 am 

    Even growth RATE of increased Chinese crude imports is rising expo. (+8% year over year)

    Giovanni Staunovo Retweeted

    Christian Schmoll

    http://www.livecharts.co.uk/MarketCharts/brent.php

    Quiz:How many more years before China and India
    begin fighting over scraps of crude oil?

    @ChristianSchX74
    7h7 hours ago
    More
    RTRS- CHINA JAN-MARCH CRUDE OIL IMPORTS AT 121 MLN TONNES, UP 8.2 PCT Y/Y – CUSTOMS
    RTRS- CHINA MARCH CRUDE OIL IMPORTS AT 39.17 MLN TONNES – RTRS CALCULATION #oott

  15. Dredd on Fri, 12th Apr 2019 10:39 am 

    Norway’s sanity is like when a sane person is in an insane asylum … the crazy’s think the sane one is crazy (“The further a society drifts from truth the more it will hate those who speak it.”— George Orwell).

  16. Cloggie on Fri, 12th Apr 2019 10:39 am 

    @Antius – In each case, there is an increase in system power density and controllability and in each case there is an increase in EROI and net energy, leading to an increase in the general wealth of society as well as its ability to project power.

    Density?

    Granted, if somebody allocates say 1 km2, you can put a 1000 MW nuclear power stations on it, I merely 2 lousy 5 MW wind turbines. That’s 100:1 difference in power density.

    So what?

    The earth is covered with endless otherwise (economically) useless surfaces like deserts, roofs, shallow water tables like the North Sea, mountain ridges (amazing how many wind turbines Spain has on mountain tops, as I recently could observe).

    A far more interesting parameter than “density” is cost per kWh. And guess what, renewables are about to become the cheapest form of energy, certainly in the desert (2 cent/kWh):

    https://www.wired.co.uk/article/onshore-wind-solar-cheaper-energy

    And there is reason to assume that cost will come down even further in the near future.

    “Density” is not an argument. Even in overpopulated Europe there is sufficient possibility to acquire all the electricity the EU needs (North Sea, Baltic, Irish Sea)

  17. Cloggie on Fri, 12th Apr 2019 10:52 am 

    Generating cheap renewable electricity is no longer a problem, storage is. But many leads already exist:

    – there is good old hydro-power, any elevation difference will do, provided some water is around. Often rain suffices, no need for rivers. This one the neighborhood of Davy:

    https://deepresource.wordpress.com/2017/06/11/unconventional-pumped-hydro-storage/

    Those possibilities are nowhere nearly exhausted:

    https://deepresource.wordpress.com/2019/04/02/up-to-530000-potential-pumped-hydro-storage-locations/

    – hydrogen still harbors an enormous potential, via electrolysis. Afterwards H2 can be transformed in one of many, easier to handle, derivatives like NH3, CH4, methanol, Boron-compounds, etc., etc.

    – metal powders that can be burned and recycled via reduction using renewable energy:

    https://www.sciencedirect.com/science/article/pii/S0360128518300327

    There is a reason why nobody invests in nuclear any more: terrible reputation. The need to store radioactive waste for very long times. Uranium is very finite, only 14 years for 100% global nuclear electricity, creating the need for industrial monsters like Sellafield and Kalkar and La Hague.

    Renewables run on endless, free and clean “fuel”, literally “out of thin air” and are suitable for the third world, due to its simplicity.

    Renewables already have won the PR-battle, world-wide, only in America there is some futile rearguard fight going on.

  18. kervennic on Fri, 12th Apr 2019 11:26 am 

    Lofoten is really worth dying for. I agree with ted Kaczinsky. What is the price of the mass of human scum, compared to such natural cathedrals steaming with fish ?
    Answer: none, we are just a wave of crickets. Kill them all, they’ll reproduce fast anyway.

  19. Cloggie on Fri, 12th Apr 2019 12:56 pm 

    I was there too, coming from a long trip by car through Poland, Baltic states, Finland, North Cape (Russian border), going South along the Norwegian coast:

    https://tinyurl.com/yxr9xq9a

    Magnificent!

  20. rockman on Fri, 12th Apr 2019 1:29 pm 

    Thus is the political momentum in Norway today. And where will it be in 30 years? Lots of opinions for sure. But no way to predict

  21. makati1 on Fri, 12th Apr 2019 11:20 pm 

    “Pity the nation whose people are sheep
    And whose shepherds mislead them
    Pity the nation whose leaders are liars
    Whose sages are silenced
    And whose bigots haunt the airwaves
    Pity the nation that raises not its voice
    Except to praise conquerors
    And acclaim the bully as hero
    And aims to rule the world
    By force and by torture…
    Pity the nation oh pity the people
    who allow their rights to erode
    and their freedoms to be washed away…”
    —Lawrence Ferlinghetti, poet

    https://www.zerohedge.com/news/2019-04-12/pentagon-warns-next-major-conflict-maybe-won-or-lost-space

    The US today…SLIP SLIDIN’…

  22. Sunspot on Sat, 13th Apr 2019 3:54 am 

    The snow that just fell in Minnesota is colored brown with dirt. The dirt came from Texas.
    “Normal” weather patterns on Earth are a thing of the past. This isn’t just a period of weird weather, this is weather patterns breaking down from the Arctic meltdown and the effect on the jet stream of the loss of cooling from the ice.
    The next phase is when the rest of the Arctic Ice melts, the Arctic Ocean warms rapidly from the sun and warm pulses of water from the south, and the danger of releasing many gigatons of methane from the Arctic seabed increase greatly.
    You don’t want to know the likely results of a sudden release of gigatons of methane from the Arctic. Even a slow release will be much too fast.

  23. Cloggie on Sat, 13th Apr 2019 4:17 am 

    Remember folks, renewable energy doesn’t work. It isn’t dense enough. Walk on, nothing to be seen.

    https://deepresource.wordpress.com/2019/04/13/energy-storage-in-denmark/

  24. JuanP sock on Sat, 13th Apr 2019 6:03 am 

    Sunspot on Sat, 13th Apr 2019 3:54 am

  25. Davy on Sat, 13th Apr 2019 6:05 am 

    “Remember folks, renewable energy doesn’t work. It isn’t dense enough. Walk on, nothing to be seen.”

    Cloggo, it isn’t that it doesn’t work. It is more it may not have what it takes in the big picture. It is still a holistic work in progress.

  26. Cloggie on Sat, 13th Apr 2019 7:02 am 

    Golden business opportunity for farmers. Want to make 86% more money from the same land?

    Of course you want that. How?

    https://deepresource.wordpress.com/2019/04/13/agro-photoivoltaics-or-how-to-make-186-more-money-from-the-same-land/

    Secret: combine crop with solar panels.

  27. Davy on Sat, 13th Apr 2019 7:08 am 

    “MIT Report On Plug-in Hybrid Heavy Duty Trucks: Don’t Let Perfect Be The Enemy Of Good”
    http://tinyurl.com/y4utlu9m clean technica

    “The alternative, they suggest, is to build plug-in hybrid electric trucks with onboard range extender internal combustion engines. The combination of a hybrid drive and a flex-fuel engine is “a way to enable the introduction of electric drive into the heavy truck sector, by making it possible to meet range and cost requirements, and doing it in a way that’s clean,” Cohn says. Such trucks would be far cheaper to produce than all electric alternatives, making them that much more attractive to fleet operators. They would emit far fewer pollutants and the best part is they could be on the road shortly — no waiting for the cost of batteries to go down or a network of hydrogen refueling stations to be constructed.”

    “Cohn and Bromberg acknowledge that gasoline engines are not as efficient as diesel engines, but believe most of that reduced efficiency occurs at light loads. A range extender engine would be working hard to keep batteries charged up and could therefore be configured for maximum efficiency. Adjustments to compression ratios and ignition timing can also boost efficiency. Using computer modeling, the researchers suggest a range extender gasoline engine could be nearly as efficient as a diesel.”

  28. Davy on Sat, 13th Apr 2019 7:12 am 

    “Turning Lemons Into Lemonade: Michigan Researches Converting Abandoned Mines Into Energy Storage”
    http://tinyurl.com/y53ptwul clean technica

    “What do hundreds of abandoned metal mines and high electricity rates have in common? Well, in Michigan’s Upper Peninsula, research is underway that could adapt the contours of underground mines to harness pumped hydro storage. Surplus power would pump groundwater, which tends to flood mines when they are abandoned, up an incline. When energy demands are higher, the water would drop down the mine shafts through turbines that churn out electricity.”

  29. Cloggie on Sat, 13th Apr 2019 7:44 am 

    “What do hundreds of abandoned metal mines and high electricity rates have in common? Well, in Michigan’s Upper Peninsula, research is underway that could adapt the contours of underground mines to harness pumped hydro storage.“

    For a blueprint of that idea, see here:

    https://deepresource.wordpress.com/2018/10/23/pumped-hydro-storage-for-flatlanders/

    Abandoned mines: XXL altitude difference opportunity for flatlanders.

  30. twocats on Sat, 13th Apr 2019 9:23 am 

    duncan said “Being rich and well educated isn’t good for capitalism.
    Dumb and desperate is much better.”

    Yes people still felt they had something to add. Thread closed!

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