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Norway Is Walking Away From Billions of Barrels of Oil

8 comments, 272 views, posted 8:36 pm 14/04/2019 in News by superuser
superuser has 3249 posts, 2004 threads, 681 points, location: Mars

Western Europe’s biggest petroleum producer is falling out of love with oil.

To the dismay of the nation’s powerful oil industry and its worker unions, the opposition Labor Party over the weekend decided to withdraw its support for oil exploration offshore the sensitive Lofoten islands in Norway’s Arctic, creating a solid majority in parliament to keep the area off limits for drilling.

The dramatic shift by Norway’s biggest party is a significant blow to the support the oil industry has enjoyed, and could signal that the Scandinavian nation is coming closer to the end of an era that made it one of the world’s most affluent.
Crude Dependence

Oil and gas account for more than half of Norway's exports

Oil companies led by state-controlled Equinor ASA, the biggest Norwegian producer, have said that gaining access to Lofoten is key if the country wants to maintain production as resources are being depleted. Estimates suggest that 1 billion to 3 billion barrels could be hiding off the archipelago, which is also considered a natural wonder.

“The whole industry is surprised and disappointed,” said Karl Eirik Schjott-Pedersen, head of the Norwegian Oil and Gas Association. “It doesn’t provide the predictability we depend on.”

Extra Points Given by:

Flee (5), HariSeldon (5)

Comments

1
8:46 pm 14/04/2019

Flee

I'll call it now.... In 50 years they will be sitting on so much oil(compared to other stockpiles) that someone will create a reason to go to war with Norway.

2
8:51 pm 14/04/2019

griffin

Nah. In 50 years oil will be a specialty product bought mainly by old timey car enthusiasts. Once it happens, the move away from oil will be faster than the move away from coal and steam.

1
8:56 pm 14/04/2019

Flee

Do you think big oil will happily give up their cash cow, or ride it as long as possible? I'm sure they have diversified themselves but given that most of the world's dollars are essentially based on oil, would it be easy to give up? Trillions have been made on oil in the last 200years.

Many wars have been about oil.

1
8:57 pm 14/04/2019

Flee

Trillions may sound high, but I think it's accurate, especially given adjustment for inflation.

2
9:40 pm 14/04/2019

griffin

It will be very easy to give up. Depending upon usage, you could already have an electric car charged by a battery connected to your solar panels. Need for oil = close to zero. This change cannot be stopped. The growth of installed solar production has been exponential, and solar will become ubiquitous within ten years. Why would anyone want an internal combustion engine once you have reliable and cheap electrical power? Fingers crossed my next car will be electric, and I'll smile like a lunatic every time I drive by a gas station. They'll go like Blockbuster, with a few leftovers for enthusiasts, and good riddance to them. On top of that, once oil is defunct, we will no longer be funding some of the most dismal and oppressive regimes that currently blight this planet.

0
10:01 pm 14/04/2019

superuser

Norway is already a very rich country, they have made billions from oil and now have decided that the side effects may be too much to handle. They are wise people and with the money they have they will find a way to make more money by doing other things.

1
10:04 pm 14/04/2019

Flee

Quote by griffin:
It will be very easy to give up. Depending upon usage, you could already have an electric car charged by a battery connected to your solar panels. Need for oil = close to zero. This change cannot be stopped. The growth of installed solar production has been exponential, and solar will become ubiquitous within ten years. Why would anyone want an internal combustion engine once you have reliable and cheap electrical power? Fingers crossed my next car will be electric, and I'll smile like a lunatic every time I drive by a gas station. They'll go like Blockbuster, with a few leftovers for enthusiasts, and good riddance to them. On top of that, once oil is defunct, we will no longer be funding some of the most dismal and oppressive regimes that currently blight this planet.


I support electric cars but living in Canada, the winters kill battery power and capacity. They just aren't cost effective, especially given the fact we have less light for solar. That's why I'm leaning toward wind power for my home.

2
7:41 pm 15/04/2019

skeemin

Oil does more than power things. Many of the everyday items we use today are produced using oil. The interior of an electric car is made using oil as plastic and plastic based products are made using oil. Granted that the majority of oil goes to energy, it will be a while before an oil free society is a reality.

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