Global Courant
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COPENHAGEN, Denmark (AP) – Norway announced Wednesday that it has approved 19 oil and gas projects on the Norwegian continental shelf, saying the total investment is worth more than 200 billion kroner ($19 billion).
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“The projects also make an important contribution to Europe’s energy security,” says Terje Aasland, Norway’s Minister of Petroleum and Energy.
Norway was the only net exporter of oil and gas in Europe, he said, adding: “By carrying out these projects, we will ensure new production from the second half of the 2020s, so that we can maintain high Norwegian deliveries. “
The projects consist of new developments, further development of existing fields and investments in projects for more extraction from existing fields.
Norway, one of the world’s richest countries for its vast oil and gas reserves, said earlier this month it wants to open up parts of its continental shelf to commercial deep-sea mining in line with the country’s strategy of seeking new economic opportunities and its dependence on the oil and gas industry.
The conflict in Ukraine has boosted Norway’s revenues as European countries formerly dependent on Russia seek alternative energy sources. However, Norway has refuted allegations that it is profiting from the war in Ukraine.
In February, the Storting, Norway’s parliament, announced that the Scandinavian country would donate 75 billion kroner ($7.4 billion) to Kiev as part of a five-year bailout package that would make Norway one of the world’s largest donors to the war-torn Ukraine. The money came from oil revenues and the donation should not affect the Norwegian economy.
