Norway's Lofoten islands
Norway to continue surveying unopened areas
Far from looking towards the sunset of oil and gas production, the Scandinavian nation is keen to build up a better picture of reserves even where E&P is not yet allowed
Perhaps the most striking aspect of Norway’s new white paper on long-term value creation from the country’s energy resources involves its approach to potential reserves that lie in waters currently off-limits to hydrocarbons activity. Some highly prospective acreage, such as the waters around the Arctic Circle Lofoten Islands, is unavailable even for exploratory drilling due to environmental concerns and a preference that full exploitation of licensed areas in less pristine and fragile ecosystems is prioritised. But, while the country’s Ministry for Petroleum and Energy (MPE) emphasises the need to prepare for the energy transition, it shows no appetite for taking drilling in these prohibite
Also in this section
24 January 2025
Domestic companies in Nigeria and other African jurisdictions are buying assets from existing majors they view as more likely to deliver production upside under their stewardship
23 January 2025
The end of transit, though widely anticipated, leaves Europe paying a third more for gas than a year ago and greatly exposed to supply shocks
23 January 2025
The country’s government and E&P companies are leaving no stone unturned in their quest to increase domestic crude output as BP–ONGC tie-up leads the way
22 January 2025
The return of Donald Trump gives further evidence of ‘big oil’ as an investable asset, with the only question being whether anyone is really surprised
