Norway News

 

First Oil from Norway's Balder X Delayed ... Again

Aug 21, 2024

Norway's Vaar Energi has again postponed the startup of its North Sea Balder X oil and gas project, planning to begin output in the second quarter of 2025 rather than by the end of this year, the company said on Wednesday.Plagued by cost overruns and delays, Balder X had originally been set to start production in 2023 but this was later postponed to the third quarter of 2024 and subsequently to the fourth quarter of this year…

Norway Puts One North Sea Area Up for CO2 Storage Bids

Mar 05, 2025

Norwegian Ministry of Energy has opened applications for exploration licenses related to CO2 storage in one designated area in the North Sea.Announcement and possible allocation of area for a storage permit will take place after individual application…

Norway Offers 53 New Production Licenses

Jan 14, 2025

The Norwegian Ministry of Energy has offered 53 new production licenses on the Norwegian continental shelf.Awards in Predefined Areas (APA) is an annual exploration round for the Norwegian continental shelf.  Of the 53 production licenses offered in APA 2024…

Driven by Oil & Gas, Norway Wealth Fund Approachs $2 Trillion

Dec 06, 2024

The value of Norway's sovereign wealth fund, the world's largest, rose to a record 20 trillion crowns ($1.8 trillion) on Friday, doubling its value in just five years as oil and gas revenue flowed in and stock markets rose.Built since 1996 as rainy-day savings…

Norway Eyes Increased Oil and Gas Exploration Through 2050

Aug 21, 2024

According to the Norwegian Offshore Directorate's projected scenarios leading up to 2050, the difference between high and low production of oil and gas can amount to nearly an entire government pension fund.Norway still has extensive oil and gas resources on the Norwegian continental shelf (NCS)…

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