RE: 203014 Feb 2020 15:32
Jammare you are a we bit miss informed about what is actually going on quietly in the real world, I work in the oil industry and can assure you there are many big oil companies investing in hydrocarbons for decades Norway is in the midst of a national debate about climate change and the energy industry. The country is also on track to drill more oil wells than ever before.
This year, Norway is forecast to drill 130 wells—an uptick of 16% compared to 2018—with 55 of those wells for “exploration drilling”, or drilling for fresh sources of oil, according to Rystad Energy, an Oslo-based consultancy.
Together, the pace of fresh drilling in the Scandinavian country—both one of the world’s largest oil producers, and one of the countries at the forefront of “green” policy—could reach an all-time high, That drilling is not expected to be a flash in the pan, either, but to kick off a period of renewed growth in Norwegian oil production—with the agency predicting 30 to 50 “exploration” drills per year to 2023. In January, consultancy Wood Mackenzie said North Sea exploration faced a “promising year ahead”, with 60 more exploration wells, a jump of 25%, forecast across the U.K., Norway, Denmark and the Netherlands, fueled by a boom in oil company budgets, and multi-year projects finally beginning—marking a recovery from the lean years after the oil price crash began in 2014.
This year also marks a major landmark for the industry: the start of production this month off the coast of Stavanger at the Johan Sverdrup field. The mammoth field is expected to reverse Norway’s declining oil output, extending the country’s oil industry by DECADES,
Of course, that highlights an awkward contradiction. Norway is both an early-adopter of green technologies—electric cars have become nearly standard, and its own population relies heavily on “green” hydro power—and a country whose wealth is built on offshore oil drilling.
Sign In
Follow the stocks
