Norway’s government announced on Wednesday that it has approved the development of 19 oil and gas fields, with total investments surpassing 200 billion Norwegian crowns ($18.51 billion). This move is part of the country’s long-term strategy to sustain and extend its oil and gas production for decades.
The approval follows Norway’s 2020 introduction of temporary tax incentives aimed at boosting petroleum investments during a period of low activity. This policy led to a surge in applications from energy companies.
The projects given the green light include nine operated by Aker BP, three by Equinor, and several by Wintershall Dea and OMV.
Minister of Petroleum and Energy Terje Aasland highlighted that these developments will ensure high and stable output from Norway’s continental shelf, while also fostering job creation and economic growth.
Despite strong opposition from environmentalists concerned about the impact of oil and gas on climate change, the Norwegian government asserts that the country’s energy resources remain crucial for Europe’s energy security. Norway recently surpassed Russia as Europe’s largest gas supplier following reductions in Russian supplies due to the ongoing conflict in Ukraine.
