Norway plans to increase offshore oil and gas production

by time news

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Norway wishes to accelerate the production of hydrocarbons for the years to come. The government this week announced plans to open up a record number of blocks for oil and gas exploration in the Arctic. The announcement cringes among environmentalists.

Norway plans to open 92 exploration blocks, including 78 in the Barents Sea in the Far North and 14 in the Norwegian Sea, very close to the Arctic Circle. The reaction of environmentalists was immediate. They denounce an energy strategy in contradiction with the climate commitments of the country, signatory of the Paris Agreement, which aims to limit global warming to less than 2 degrees. They are also concerned about the proximity of these blocks to the pack ice.

But for the Norwegian Minister of Petroleum and Energy, these surveys are necessary to ensure Europe’s energy security. Indeed, because of European sanctions, Russia has greatly reduced its gas exports to the European Union.

Norway, a gas power, has become in the space of a few months the biggest supplier of natural gas in Europe. It increased its own production by 8% last year to meet demand, thus recovering market share from Russia.

Rising sales, soaring prices, the Norwegian state unwittingly took advantage of the energy crisis and reaped record profits. This even caused tensions within the European Union.

Some countries have found Norway’s attitude of passing on high market prices to its European partners unfair. However, they need Norway, a reliable energy partner which shares the same values ​​as those of the European Union. This opportunity Norway cannot afford to miss. Reason for which it wishes to accelerate its production of hydrocarbons.

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