Norwegian major acquires Wellesley Petroleum’s interests in Troll, Fram and Kvitebjorn area of the Norwegian North Sea
Norway on Tuesday said it plans to offer a record number of gas and oil exploration blocks in the Arctic, with environmental NGOs condemning an “aggressive” promotion of fossil fuels.
OSLO, Jan 9 (Reuters) – Norway’s oil output is expected to rise by 6.9% this year as the huge Johan Sverdrup field ramps up production while gas volumes are predicted to remain unchanged near record highs, the Norwegian Petroleum Directorate (NPD) said on Monday.
Norway has introduced a price cap of USD 60 per barrel for crude oil originating in or exported from Russia, and has incorporated this into the sanctions legislation. This corresponds to the price cap adopted by the EU and the G7 countries. The oil price cap is intended to reduce Russia’s revenues from the sale of crude oil to third countries.
PGNiG Upstream Norway, a Norwegian subsidiary of Poland’s oil and gas company PGNiG, has been granted consent for exploration drilling in the Norwegian Sea by Norway’s offshore petroleum safety regulator.
Norway, western Europe’s largest oil and gas producer, should share the huge profits it has made from oil and gas exports since the Russian invasion of Ukraine, Poland’s prime minister Mateusz Morawiecki said this weekend.