Norway Awards New Oil and Gas Licenses

Norway has awarded 53 offshore oil and gas exploration licenses to 20 companies in its annual licensing round, emphasizing its commitment to becoming a stable energy supplier for Europe. Energy Minister Terje Aasland stated that further exploration is critical for maintaining production levels, especially in light of increased European demand following the reduction of Russian energy supplies. The licenses are distributed across the North Sea, Norwegian Sea, and Barents Sea, with major recipient Equinor planning to drill approximately 250 exploration wells by 2035. However, this move has sparked protests from environmental groups, including Extinction Rebellion and Greenpeace, who argue that continued fossil fuel exploration exacerbates the climate crisis. Norway is currently the largest supplier of natural gas to Europe, providing about 30% of EU gas imports post-Russia's invasion of Ukraine. This strategic push for exploration aims to bolster Norway's oil and gas production for decades to come despite environmental concerns.