By Akshat Rathi (Bloomberg) -- Plentiful reserves of fossil fuels and rich seams of valuable minerals are no guarantee of national health, wealth or happiness. The “resource curse” has blighted many countries: Venezuela and the Democratic Republic of Congo, for example, have suffered from years of graft, civil unrest and poverty. After discovering oil in the 1960s, Norway … [Read more...]
Norway’s Full-Scale Carbon Capture Project Could Become Financial Disaster, Report Warns
By Mikael Holter (Bloomberg) --Norway’s plan for a full-scale carbon capture and storage project could end up a financial disaster, according to a new report that includes an increased cost estimate for the venture. The likely cost of building and operating the project over 10 years -- most of which would be funded by the government -- could be as much as 25 billion kroner … [Read more...]
Norway Opens Expansive Offshore Areas to Wind Development
The Norwegian government has announced the opening of more than 860,000 acres of the Norwegian Continental Shelf to offshore wind development. The areas, known as "Utsira Nord" and "Sørlige Nordsjø II”, are located in Norwegian waters in the northern North Sea. Combined, the two areas allow for the development of 4,500 MW of wind power. “Offshore wind power offers great … [Read more...]
Oil Crisis Shows Richest Nordic Country Remains a Crude Addict
By Lars Erik Taraldsen and Mikael Holter (Bloomberg) --Norway has been talking for years about weaning itself off oil, but the Covid-19 crisis has revealed how far it has left to go. Norwegian politicians this week sweetened a package that will delay more than $10 billion in taxes for oil companies and make projects more profitable after even the country’s industry-friendly … [Read more...]
Norway Demands More detail from Equinor on Overseas Operations
OSLO, June 10 (Reuters) - Norway's energy minister said state-controlled Equinor must be more transparent about its foreign businesses after it was hit by mounting losses from U.S. oil and gas investments. Equinor made a series of acquisitions of onshore and offshore petroleum reserves in the United States in the years before the 2014 oil price crash, eventually leading to … [Read more...]