COPENHAGEN, DENMARK (AP) – Norway announced it approved 19 oil and gas projects on the Norwegian continental shelf, saying the total investments are worth over NOK200 billion (USD19 billion).
“The projects are also an important contribution to Europe’s energy security,” said Norway’s Minister for Petroleum and Energy Terje Aasland.
Norway was the only net exporter of oil and gas in Europe, he said, adding, “By carrying out these projects we ensure new production from the latter 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 increased extraction at existing fields.
Norway, one of the world’s wealthiest countries due to its vast oil and gas reserves, said earlier this month that it wants to open parts of its continental shelf for commercial deep-sea mining in line with the country’s strategy to seek new economic opportunities and reduce its reliance on the oil and gas industry.
