Half of Norway’s Oil Remains Underground

The Norwegian Petroleum Directorate has mentioned that greater than half of the oil and gasoline on the Norwegian shelf has not but been extracted.

The query of whether or not–or extra precisely, when–Norway ought to cease drilling for oil is without doubt one of the massive subjects on this yr’s election marketing campaign.

Now the Norwegian Petroleum Directorate has entered the dialogue by claiming that greater than half of Norway’s oil reserves has not but been exploited. However the Norwegian authorities says extracting every thing is just not the last word aim.

IEA: We should cease

The dialogue is about towards the background of the Worldwide Power Company (IEA) saying the world should cease in search of oil if we’re to efficiently cope with local weather change.

But the identical organisation initiatives that demand for oil and gasoline will proceed to extend for no less than ten extra years.

Okea’s Trond Omdal advised NRK that Norway’s oil age ought to proceed for one more 50 years: “The world nonetheless wants oil and gasoline,” he mentioned.

The federal government view

For one more few weeks no less than, Høyre’s Tina Bru is Norway’s minister of petroleum and power.

Illustration of Norway from space.

She says that whereas it is essential for the Norwegian Petroleum Directorate to make estimates of the remaining oil and gasoline reserves, that doesn’t equate to a authorities aim.

“We should not have an unbiased aim that we are going to extract every thing on the Norwegian shelf,” she advised NRK.

“What’s going to decide whether or not we decide up extra from the Norwegian continental shelf might be that there are worthwhile sources that the businesses can show and which they’re able to broaden at a worth that can arise out there,” she defined.

Bru responded to the query of CO2 emissions from the end-user of the oil and gasoline by declaring the probabilities for carbon seize, which is actively going down in Norway.

A post-election change for Norway?

Most polls recommend that Labour Social gathering chief Jonas Gahr Støre is almost certainly to change into the following prime minister.

Jonas Gahr Støre
Norway’s Labour Social gathering chief Jonas Gahr Støre

He has mentioned a number of occasions that he has no plans to cease oil exploitation, however that we’re “in the direction of the tip date.”

Our angle is that we must always develop, not wind up that trade, as a result of we are going to create new jobs on its shoulders. A man-made break with an finish date removes professionals, investments and the alternatives to develop the applied sciences we want,” mentioned Støre.

Støre refers to jobs in rising fields like offshore wind energy and carbon seize and storage applied sciences.

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