Norway commits to oil and gas while aiming for zero emissions by 2050
7:34 AM EDT, August 31, 2024
The head of the Norwegian Ministry of Energy, Terje Aasland, presented the Norwegian government's three main energy principles in Stavanger. One is to maintain the production and export of gas and oil.
During the Offshore Northern Seas conference held in Stavanger—the main city of Norway's extraction industry—Aasland highlighted that security in this field is today the greatest challenge for global economies.
Despite the global shift to renewable sources, oil and gas will remain essential in the foreseeable future. We estimate that our gas and oil fields will maintain high production levels, and to keep it that way, we will invest in further production capacities, said Terje Aasland.
According to the Norwegian Minister, this does not necessarily contradict the achievement of the climate goals that underpin the global energy transformation. By 2030, Norway's extraction industry is set to reduce its emissions by half, aiming to achieve net zero emissions by 2050.
Europe's supplier
Aasland added that Norway will maintain the position of a reliable and trustworthy energy supplier to Europe. Despite the global shift to renewable sources, oil and gas will remain essential in the foreseeable future.
The Norwegian government assumes that specialized expertise in oil and gas extraction will support the development of clean energy production technologies, especially offshore wind energy. By 2040, Oslo plans to install systems with a total capacity of 30 GW in its sea areas.
The sale of gas and oil accounted for 63% of Norway's total exports in 2023, reaching a value of 1.2 trillion kroner, or about $115 billion.
Since 2022, Norwegian gas has been reaching Poland mainly through the Baltic Pipe, which connects platforms in the Norwegian Sea and the North Sea with pipeline systems in Poland and Denmark. Its capacity is 350 billion cubic feet per year.
