Norway, as the largest producer and only net exporter of oil and gas in Europe, takes great pride in contributing to Europe’s energy security and its upcoming energy transition, according to State Secretary in the Norwegian Ministry of Petroleum and Energy, Elisabeth Saether, on Thursday.
Saether told Anadolu that the country, as the single most important supplier of gas to Europe, aims to continue low-emission gas exports at a rate of around 120 billion cubic meters (bcm) per year over the years ahead and, additionally, to export oil to Europe in 2024 and beyond.
Although she envisages a continuation in the development of Norway’s continental shelf, she expects a production decline due to resource constraints from 2030 onward.
– Projects for 2024
Norway’s projects are not limited to the oil and gas sector, but the government has ambitious plans as part of its long-term commitment to develop offshore wind.
The country aims to award areas for the generation of 30 gigawatts of offshore wind by 2040.
‘The first project areas will be awarded in 2024. We plan to tender the next round of new areas in 2025 and to follow up with new areas regularly,’ Saether added.
The country’s commitment to low emissions can be seen with a new project for carbon capture and storage (CCS), called Longship, which is dubbed the largest industrial climate project in Norway.
The flagship project seeks to serve as a catalyst for the continued implementation of CCS on a national and worldwide scale by proving that it is feasible and safe along the whole value chain.
She explained that the Longship project has been developed on the shoulders of a commitment from several Norwegian governments to develop CCS, and this year will see this progress with a receiving terminal and offshore storage ready to receive CO2.
She argued that the recent developments have reflected the importance of energy security and affordable energy prices for Norway and Europe.
Although Norway is a small player in the global crude market, with production covering about 2% of global demand and only 3% of the global gas market, it is nonetheless a vital exporter.
Norway supplied between 20% and 25% of the gas demand of the EU and the UK.
The majority of Norwegian gas is exported through the gas pipeline system connecting Norwegian fields to the UK and the EU, out of which 5% is exported as LNG.
Most of the oil and gas produced on the Norwegian shelf is exported. Combined, oil and gas exceed half of the total value of Norway’s total commodity exports, making oil and gas the most important export commodities in the Norwegian economy.
