Norway’s new oil bonanza holds lessons for Britain

Norway brags about its green credentials but the Scandinavian petrodollar state still depends on exporting oil and natural gas for its long-term prosperity. Its latest giant offshore oil field project is proof that the North Sea still has decades of life left as a major producing basin. The UK government should take note and support more exploration in British waters. The continued importance of crude for the future of Norway’s economy was underscored last month with the startup of the giant Johan Sverdrup offshore oilfield. Built at a cost of $9 billion (£7 billion), the field is designed to eventually produce 660,000 b/d of oil by 2024. Go deeper: North Sea oil’s fight-back – click for article and infographic The first 1 million barrel cargo of crude destined for Asia was being loaded last week at the Mongstad collection point near Bergen. When the delivery eventually arrives at port at the end of November, it will create an increasingly unbreakable bond with high-growth economies like China, where demand for crude is expected to continue to increase well beyond 2040. North Sea revival Norway’s financial windfall from Johan Sverdrup will be staggering. Experts have estimated the field will contribute almost $60… continue reading

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