Norwegian authorities have sanctioned 19 oil and gas projects on the Norwegian Continental Shelf totalling investment worth about Nkr200.0Bn (US$18.6Bn)
The nation’s Ministry of Petroleum and Energy has sanctioned investments for new developments and further development of existing fields.
“These projects will contribute to the continued high and stable production from the Norwegian Continental Shelf, and to employment and value creation,” said Minister of Petroleum and Energy Terje Aasland.
The projects are also expected to build technical competence and provide the basis for further technological improvements such as the development of carbon capture and storage chains.
Norway is now Europe’s biggest gas supplier in the wake of the war in Ukraine and the subsequent sabotage of the Nord Stream pipeline.
In 2020, Norway’s parliament introduced temporary tax incentives to encourage petroleum investment at a time of low activity, triggering a wave of applications from energy companies.
The major projects approved include Yggdrasil, Valhall PWP, Fenris, Symra (Aker BP), Irpa, Verdande (Equinor), Dvalin North, Maria (Wintershall Dea) and Berling (OMV).
In addition, the ministry handled projects in which it is taking a decision on investments for increased production at existing fields, in particular Solveig phase 2 and Andvare.
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