Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Norway’s oil firms lobby for Arctic area and tax repeal

    Norway’s oil firms lobby for Arctic area and tax repeal

    September 16, 2013
    Share
    Facebook Twitter LinkedIn WhatsApp

    Nigeria_Total_Oil_Platform16 September 2013, Oslo – Oil firms in Norway, western Europe’s biggest oil and gas producer, asked the incoming ruling parties on Monday to repeal a recent tax hike and open the sensitive Arctic Lofoten archipelago to exploration.

    Drilling around the Lofoten islands is becoming one of the top issues in coalition talks among the four election-winning parties and a new government is expected to uphold a drilling ban, forcing oil companies into more remote and difficult waters.

    Although the top two parties which will make up the government favour opening the area, which could hold around 1.27 billion barrels of oil equivalents, the smaller parties fiercely oppose such a move, fearing the oil industry would endanger its pristine environment, tourism and the world’s largest cod stocks.

    Needing the votes of the small parties for a majority, some analysts expect the Conservatives and the Progress Party to yield on Lofoten and sources close to two parties recently told daily newspaper Aftenposten that the two are ready to give in.

    But energy firms argue it takes 15 years to start production from the time an area is opened to energy firms, so a delay now would impact production beyond 2025, when output in the region is already seen falling.

    “To curb the production decline on the Norwegian continental shelf beyond 2025, new areas need to be opened up urgently,” the Norwegian Oil and Gas Association, which represents dozens of producers including majors such as Statoil, BP, Chevron, ConocoPhillips, Royal Dutch Shell and Total, said in letter to the four parties.

    “Keeping the northeastern Norwegian Sea closed for another four years prevents a comprehensive and cost-effective development of the shelf,” it said.

    It also argued that a new oil tax, the first in decades, will reduce the profitability of marginal projects and will likely lead to the cancellation of new developments, further reducing production.

    The Conservatives, Progress, the Liberals and the Christian Democrats begun closed-door coalition talks on Monday and a final deal is not expected for several weeks.

    Reuters

    Related News

    Seplat Energy earns CIPS Procurement Excellence Standard Certificate 

    IEA says it stands ready to tap emergency oil stocks, OPEC sees no need

    US EPA proposes higher biofuel blending volumes through 2027

    E-book
    Resilience Exhibition

    Latest News

    FG reiterates commitment to port automation

    June 14, 2025

    Seplat Energy earns CIPS Procurement Excellence Standard Certificate 

    June 14, 2025

    Meta signs deal for advanced geothermal power in New Mexico

    June 14, 2025

    IEA says it stands ready to tap emergency oil stocks, OPEC sees no need

    June 14, 2025

    China solar industry to address overcapacity challenge but turnaround far off, experts say

    June 14, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.