New Oil and Gas Exploration Licensing Round Agreed upon by Norway

New oil and gas exploration licensing round agreed upon by Norway

The Norwegian parliament has ordered the country’s government to begin a new oil and gas exploration licensing round, which will allow for an increase...

Norway still relying heavily on its oil, also in budget aid to Ukraine - Norway's News in English — www.newsinenglish.no

The Norwegian government is not only offering new record-large offshore areas in the Arctic for more oil and gas exploration, it’s seeking support in Parliament to pull more money out of its Oil Fund than ever before. The money, made up of oil and gas revenues over the past 30 years, would be used mostly […] The post Norway still relying heavily on its oil, also in budget aid to Ukraine appeared first on Norway's News in English — www.newsinengl…

The government continues to extract more money from the oil fund. In Thursday's revised national budget proposal, it is estimated that oil money spending this year will approach 13 percent of total value creation in this country. The growth impulse, which says something about how much gas is being given to the economy, is up to 2.5 percent.

The world needs large quantities of oil and gas every day. In recent years, revenues from petroleum activities have been at historically high levels, and the government expects revenues to remain high in 2025. In the revised national budget, the government estimates that the state's net cash flow from the sector this year will be NOK 698 billion.

The Norwegian government is opening up areas for oil exploitation more widely than ever before. The decision is justified, among other things, by the threat from Russia.

The government will spend 542.4 billion oil kroner in the revised national budget. – The most important thing is to keep the Norwegian economy in order, says the Minister of Finance.