Norway approves development of 19 oil and gas fields worth more than NOK 200 billion

The Norwegian government has approved the development of 19 new oil and gas fields by oil companies. Total investment in the developments amounts to more than 200 billion Norwegian kroner (CZK 402 billion). The decision is part of the country’s plan to expand oil production into the coming decades, Reuters reported.

In 2020, when activity was low, the Norwegian parliament introduced temporary tax incentives to support oil investment. This triggered a surge in applications from energy companies.

Among the projects given final approval today are nine operated by Aker BP, three by Equinor, and several operated by Wintershall Dea and OMV.

„These are projects that will contribute to continued high and stable production from the Norwegian continental shelf, as well as to employment and value creation,“ Petroleum and Energy Minister Terje Aasland said at a press conference.

Environmentalists and other groups strongly oppose oil production in Norway, fearing that carbon emissions from burning oil and gas will contribute to climate change. The Norwegian government, however, says its oil and gas resources are essential for Europe’s energy security and will remain necessary in the coming decades.