So Sustainable! Norway Plans 36 Billion Euro Spend To Discover & Develop More Oil & Gas Fields
Alarming climate scenarios notwithstanding, Norway has no plans to halt development of new hydrocarbon resources. On the contrary. In the first half of 2021, companies made eight new discoveries estimated to hold about 60 million standard cubic meters of oil equivalents. The findings were made in all parts of the country’s shelf, including the Barents Sea, the Norwegian Petroleum Directorate informs.
And more drilling is in the pipeline. About 40 exploration wells are to be drilled in the course of 2021, up 25 percent from 2020.
“Exploration has enormous significance for long-term value creation on the shelf. The addition of oil and gas resources from new discoveries, like we have seen so far this year, is necessary to prevent a sharp decline in petroleum industry activity after 2030,” says Torgeir Stordal, director of Technology and coexistence at the Norwegian Petroleum Directorate.
“Without new discoveries, production could fall by more than 70 per cent in 2040 compared with 2020”, Stordal argues.
EDIT
https://thebarentsobserver.com/en/industry-and-energy/2021/07/hungry-more-oil-norway-aims-eu36-billion-investments-new-fields
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