Norway approves US$18.5 billion in projects to sustain European supply amid Russian energy backlash

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Norway’s energy ministry has granted approval for oil and gas projects valued at more than 200 billion kroner (US$18.5 billion), as the country aims to maintain its position as Europe’s largest natural gas supplier. 

The approved projects, including Aker BP ASA’s Yggdrasil and Valhall PWP-Fenris in the North Sea, as well as Equinor ASA’s Irpa in the Norwegian Sea, encompass 19 new developments, expansions of existing fields, and enhanced oil recovery initiatives.

Norway awards 47 new oil and gas exploration licences | OilNOW 

Following Moscow’s invasion of Ukraine, Norway has emerged as a major supplier of natural gas to Europe. With buyers turning away from Russian energy sources, Norway is expected to experience sustained demand for its gas. Last year, numerous development plans were submitted to take advantage of tax breaks introduced during the pandemic to support investments amid declining demand.

US, UK, Norway to ramp up oil exploration and production | OilNOW 

In a statement, Petroleum & Energy Minister Terje Aasland highlighted that Norway is the sole net exporter of oil and gas in Europe. By approving these projects, the country ensures new production from the latter half of the 2020s, enabling it to maintain its high delivery levels.

One of the major projects approved is Yggdrasil, which is anticipated to have up to 55 wells and estimated reserves of approximately 650 million barrels of oil equivalent. This development is regarded as one of the largest on the Norwegian continental shelf in recent years.

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