Latest news with #NorwegianGovernment
CTV News
4 days ago
- Business
- CTV News
Norway prepares first major oil, gas licensing round in years
In this Feb. 16, 2016 file photo, a supply ship at the Edvard Grieg oil field, in the North Sea. (Hakon Mosvold Larsen, NTB scanpix via AP, File) OSLO — Norway's energy minister said on Friday he is preparing to launch a new oil and gas licensing round on the Norwegian continental shelf, the first offer of new drilling permits in unexplored frontier regions since 2021. 'Norway will be a long-term supplier of oil and gas to Europe, while the Norwegian continental shelf will continue to create value and jobs for our country,' Minister of Energy Terje Aasland of the Labour Party said in a statement. It was not immediately clear when awards could be made. The government in 2021 agreed to a four-year moratorium on frontier exploration, limiting the awards of new acreage to areas near existing fields in return for backing in parliament of a smaller left-wing party. The minority Labour government holds a narrow lead over center-right parties in opinion polls ahead of an election for parliament due on September 8. Norway, which pumps around four million barrels of oil equivalent per day, around half in the form of natural gas and the rest as crude and other liquids, last year got 60 per cent of its export revenue from the petroleum sector. But with many aging fields, production is set to decline in the 2030s unless new discoveries are made in the industry, which directly and indirectly represents around 10 per cent of private-sector employment. 'If we are to deliver on our commitment, we must find more, and in order to find we must explore,' Aasland said. --- Reporting by Terje Solsvik, Editing by Louise Heavens
Reuters
05-08-2025
- Business
- Reuters
Sweden, Norway, Denmark give $486 mln to NATO project to send US weapons to Ukraine
HELSINKI, Aug 5 (Reuters) - Sweden, Norway and Denmark will together contribute around 5 billion Norwegian crowns ($486.16 million) to a NATO-led initiative to supply Ukraine with U.S. weapons, the Norwegian government said in a statement on Tuesday. ($1 = 10.2846 Norwegian crowns)
Hans India
07-07-2025
- Business
- Hans India
Hardeep Puri eyes Norwegian expertise for big push to India's energy drive
Minister of Petroleum and Natural Gas Hardeep Singh Puri said on Monday that the government is looking at various projects in Norway with an eye on expertise to upgrade and expand India's energy capabilities. "In our continued quest to provide momentum to India's efforts to achieve energy security under the leadership of Prime Minister Narendra Modi, I visited the Northern Lights CO2 Terminal in Bergen, Norway. It is the largest project for carbon storage funded by the Norwegian Government and partnered by Equinor, Shell & Total Energies," Puri said in a post on X. "We are reviewing this, and similar projects, to upgrade and expand India's energy capabilities. Norway's expertise in deepwater exploration, seismic oil surveys, offshore wind and carbon capture and storage (CCS) technologies aligns well with India's ambitious energy transition agenda," Puri added. He pointed out that Norway's unique terminal in Bergen can store up to 100 million tonnes of carbon dioxide. It has an open and flexible infrastructure to transport CO2 from capture sites by ship to a receiving terminal in western Norway for intermediate storage, before being transported by pipeline for safe and permanent storage in a reservoir 110 km away from shore & 2,600 metres under the seabed. Carbon capture and storage (CCS) technology involves capturing carbon dioxide (CO2) emissions from industrial sources like power plants and factories, transporting it, and then storing it underground, preventing its release into the atmosphere. This process is a key strategy for reducing greenhouse gas emissions and mitigating climate change. The process involves separating CO2 from other gases at the source of emission, such as power plants or industrial facilities. Different capture methods exist, including post-combustion capture (separating CO2 from flue gas), pre-combustion capture (separating CO2 before fuel combustion), and oxy-fuel combustion (burning fuel with pure oxygen). The captured CO2 is typically compressed into a supercritical state (liquid-like) to be transported via pipelines, ships, or other means. The CO2 is then injected deep underground into geological formations like depleted oil and gas reservoirs, saline aquifers, or other suitable rock formations. These formations are chosen to ensure the CO2 remains trapped and isolated from the atmosphere for long periods. CCS is a crucial technology for mitigating climate change by preventing CO2 from entering the atmosphere. It can help decarbonise industries that produce significant CO2 emissions, such as cement and steel production.
Crypto Insight
21-06-2025
- Business
- Crypto Insight
Norway's government explores crypto mining ban amid energy supply concerns
The government of Norway is considering a temporary ban on crypto mining in the country in an effort to 'free up power, network capacity and area for other purposes.' In a Friday notice, the Norwegian government said it would be conducting an investigation in autumn that could result in a temporary ban on crypto mining data centers. Officials said they had the authority to enforce such a ban under Norway's Planning and Building Act, which includes provisions on allocating energy. 'It is uncertain how big a problem crypto mining will become in Norway in the future,' the notice reads. 'The registration requirement in the new data center regulations will provide increased knowledge about the scope of data centers that mine cryptocurrency.' Like many countries in Europe, Norway's residents have faced increasing costs on electricity amid Russia's war with Ukraine and sanctions impacting the region's supply of oil and gas. Locals in Norway have previously petitioned for crypto mining operations to shut down over noise concerns. Mining bans proposed in response to environmental concerns, noise Norway would not be the first country to consider a ban on cryptocurrency mining. In January, Russia began imposing a ban in 10 regions as part of efforts to limit blackouts and reduce energy consumption. China, which had been one of the most significant sources of crypto mining before 2021, faced a blanket ban, which drove many operations to US states like Texas. Though lawmakers in the US government have spoken out against mining due to concerns over energy use, the practice is still legal in most jurisdictions and states, making the country one of the biggest contributors to the global Bitcoin hashrate. Source:
The Independent
17-06-2025
- The Independent
New polar bear rule blamed for empty cruise ships
New rules in Svalbard, Norway, require tourist ships to stay at least 500 metres (1,640 feet) away from polar bears until 30 June, reducing to 300 metres thereafter, to protect the animals from human interference. The Norwegian government says the regulations are necessary due to climate change impacting polar bear habitats, and will ensure they can hunt, rest, and care for their cubs without disturbance. Violators of the distance rule face up to five years in prison if substantial environmental damage or risk is caused. Expedition leader Paul Goldstein has criticised the rules as "conservation fascism", claiming he has never seen tourists harm polar bears and that the regulations are excessively strict. Mr Goldstein argues the new rules are causing thousands of cabins on tourist ships to remain empty, denying many people the chance to see polar bears up close.
