London, 28 June, 2023, (Oilandgaspress) 19 oil and gas projects on the Norwegian continental shelf are today given the green light. Total investments are over NOK 200 billion. The projects consist of new developments, further development of existing fields and investments in projects for increased extraction at existing fields.
These are projects that contribute to continued high and stable production from the Norwegian continental shelf, and to employment and value creation for the whole of society. We are further developing the petroleum business so that jobs and large incomes are created for the community, says Oil and Energy Minister Terje Aasland.
In the first half of 2020, oil demand in the world fell sharply as a result of the pandemic and there was great uncertainty about future developments. In June 2020, the Storting adopted temporary changes to the Petroleum Tax Act to make it easier for the oil companies to carry out planned investments.
“The implementation of these projects secures jobs, builds competence and provides a basis for further technology development which will be decisive for the development in other industries such as carbon capture and storage, hydrogen, offshore wind, aquaculture and minerals,” says Aasland.
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