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
29 April 2024
Although recent, firmer gas prices have blunted some price-sensitive demand, the overall growth outlook remains robust
26 April 2024
While the US has been breaking records for its premium grade crude, there are doubts over whether you can have too much of a good thing
26 April 2024
Slowing demand growth and capacity expansions will squeeze refiners in coming years
25 April 2024
Some companies with assets in Israel have turned towards Egypt as tensions escalate, but others are holding firm despite rising tensions