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Norway announces 19 new oil and gas projects as Ukraine war fallout sees profits soar
A view of a supply ship at the Edvard Grieg oil field, in the North Sea, February 2016
NORWAY announced approval of 19 oil and gas projects off its continental shelf today, dismaying environmental campaigners.
Petroleum and Energy Minister Terje Aasland said the 200 billion kroner (£14.6bn) investment would be “an important contribution to Europe’s energy security,” helping reduce dependence on Russian imports.
Norway, western Europe’s only net exporter of oil and gas, saw its revenues from the fossil fuel exports more than triple in 2022 to 1.5 trillion kroner (£110bn) compared to 498bn (£36bn) in 2021, as sanctions on Russia following its invasion of Ukraine led to soaring prices and rising demand.
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