Norway To Keep North Sea Oil Production High, As 92 New Blocks Offered For Exploration
By Paul Homewood
h/t Dennis Ambler
While the Starmer idiot wants to put an end to North Sea oil, Norway is ploughing ahead, opening new fields, while its tax revenue soars:
Soaring gas prices in 2022 means that the Norwegian Tax Administration will collect a record US$ 89,5 billion, triple the previous record of 2021, according to the tax revenue office. Likewise it has revised upwards petroleum revenue by 20%.
The high natural gas prices drove the record tax revenue from petroleum companies which “has never been anywhere near as high as it is now,” the Norwegian Tax Administration’s director Nina Schanke Funnemark said.
In the previous record year of 2021, Norway’s petroleum tax revenue was US$30 billion, the administration said.
Norway, Western Europe’s largest oil and gas producer, has benefited a lot from the spike in oil and gas prices since the Russian invasion of Ukraine in February last year. Most of Norway’s government revenues from oil and gas go into the US$ 1.34 trillion Government Pension Fund Global, commonly known as Norway’s oil fund, which is the biggest sovereign wealth fund in the world.
Going forward, Norway is determined to keep high production on its shelf to export more gas and oil to Europe, which is scrambling for supply from sources other than Russia.
Earlier this week, Norway said it would offer up to 92 new blocks for hydrocarbon exploration in the new round of licensing in mature areas.
“Further exploration activity and new discoveries are important to maintain the production of oil and gas over time, both for Norway and Europe,” Petroleum and Energy Minister Terje Aasland said.
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NOT A LOT OF PEOPLE KNOW THAT 
Norway is doing what the US should be doing. For its people, not its stakeholders.
Hard not to be jealous. A government that understands supply and demand and can see clearly that the near future demands hydrocarbons. New field developed today will last 20 – 30 yrs. They do not see an emergency. Interestingly there are many Greta Thunberg types in Norge… does their government see past their emotional demands?
I doubt the sensible Norwegians listen to mentally ill school dropouts.
https://www.telegraph.co.uk/business/2023/01/19/labour-will-end-north-sea-investment-says-sir-keir-starmer/
I cannot read all of this; they want me to subscribe.
OK grandad, try opening it in an incognito window ..you might need to hit escape to stop popups loading.
Thanks to you, stew & Micky.
With some searching, I found I can use the built-in MS-Edge “Immersive Reader”. It is the “book & speaker” icon on the right of the URL bar.
Use a search engine to search for ” bypass telegraph paywall ” . I use Ublock Origin
And while the Sunak idiot cancels our shale gas exploration
Starmer has worked out that boosting US, Qatari, Norwegian etc. tax revenues at the UK’s expense is the right thing to do. After all why do useful work at home only to get blamed for it, when you can pay someone elsewhere to do it for you? 🙄
R
Real jobs, that create real wealth in an industry that creates reliable, storable, transportable and above all else CLEAN energy.
The Starmer/Sunak idiots’ energy policies are beyond mind bogglingly stupid. The deliberate harm they are doing to the UK is literally criminal. It is patently obvious their loyalties don’t lie with the British people, as they nauseatingly brown-nose at the WEF/Davos forums.