In a bid to increase supplies to European customers, Norway is looking to ramp up epxloration in underexplored Arctic waters
- May 29, 2023, 12:00 PM CDT
The Norwegian government recently asked energy companies to increase their oil and gas exploration in remote areas, such as the Arctic Barents Sea.Norway is expected to offer a record number of oil and gas exploration blocks in the Arctic for companies to begin exploration. the green transition. Norway has long used almost entirely renewable energy to power its domestic consumption, yet it is still one of the world’s biggest producers of oil and gas for export.
Norway is an energy-rich country, with vast oil and gas resources in the North Sea, as well as hydropower and wind sources. This has allowed it to develop its vast fossil fuel revenues for reinvestment in economic diversification, including the development of its green energy projects. In 2020, Norway production, and was the seventh-largest natural gas exporter in the world, providing 3 percent of the world’s gas. It also supplied 2.3 percent of the world’s oil in 2020.
Despite this progress, Norway remains heavily committed to its oil operations as a major source of revenue, while the global demand remains high. The Norwegian government recently asked energy companies to increase their oil and gas exploration in remote areas, such as the Arctic Barents Sea, despite pressure from climate activists to curb its oil and gas activities.
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