{"id":58864,"date":"2021-08-01T10:10:15","date_gmt":"2021-08-01T15:10:15","guid":{"rendered":"https:\/\/olduvai.ca\/?p=58864"},"modified":"2021-08-01T10:10:15","modified_gmt":"2021-08-01T15:10:15","slug":"why-norway-wont-give-up-on-oil-gas","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=58864","title":{"rendered":"Why Norway Won\u2019t Give Up On Oil & Gas"},"content":{"rendered":"

Why Norway Won\u2019t Give Up On Oil & Gas<\/a><\/h3>\n
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Norway doesn\u2019t have any second thoughts about oil exploration and investment in light of the International Energy Agency\u2019s (IEA) report suggesting that no new fossil fuel exploration would be needed for a net-zero world.<\/p>\n

Western Europe\u2019s biggest oil and gas producer is doubling down on oil development and continues to consider oil exploration and production a critical part of its economy and income for the state.<\/p>\n

Norway, the country with the\u00a0highest electric vehicle (EVs) share<\/a>\u00a0of new car sales anywhere in the world, is not giving up on one of its core industries. The oil and gas sector is a major employer and the key contributor to the so-called oil fund, the world\u2019s largest\u00a0sovereign wealth fund<\/a>\u00a0with US$1.3 trillion in assets and holdings of 1.4 percent of all of the world\u2019s listed companies.<\/p>\n

The Norwegian government believes that the industry could reduce emissions and reach net-zero operations on the Norwegian continental shelf, at the same time ensuring new oil developments to support the local supply chain and employment. Norway is also betting big on offshore wind and carbon capture technology, including with strong financial support from the government, but it believes that oil and gas can continue to create value in the long term.<\/p>\n