Norway Reactivates Old Gas Fields and Expands Exploration for New Ones
The Norwegian government announced the reactivation of three gas fields that were mothballed in the late 1990s, as well as an expansion of exploration for new oil and gas areas, writes "European Pravda".
Illustrative photo
Norwegian Prime Minister Jonas Gahr Støre announced that the mothballed fields are located in the southern part of the North Sea. The decision to reactivate them was made against the backdrop of an unstable geopolitical situation and increasing demand for energy resources.
Approximately 19 billion Norwegian kroner (about 1.7 billion euros) are planned to be invested in the project. The first gas extraction from these fields is expected by the end of 2028, and overall operation of the fields should continue until 2048. The gas is planned to be transported to Germany, and the condensate to the United Kingdom.
In parallel, the Norwegian government has put up for tender about 70 new areas for geological exploration on the seabed. A special feature of the project is that some of these territories are quite close to the Norwegian coast, which will allow new resources to be connected more quickly to existing infrastructure.
Analysts note that such steps indicate the country's long-term focus on the oil and gas sector. The decisions are also linked to rising energy prices and unstable supplies on the global market.
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