Norwegian Prime Minister Jonas Gahr Store said the gas-rich nation will continue to hunt for fossil fuels even as parliamentary partners call for a retreat from the sector.
“We should explore and develop the Norwegian shelf,” Store said Tuesday as he started talks to form a new Labor government after winning the election.
Norway provides about a third of Europe’s natural gas, becoming the region’s biggest supplier after Russian deliveries sank following the invasion of Ukraine. Under Store, Labor has sought to slow the decline of the resource base. Yet the party won this week’s election with less than 30% of the vote, meaning it will need to find common ground with smaller parties including the Greens.
The Green Party pulled off its best result, more than doubling its seats to seven. It has traditionally demanded an end to oil exploration in the North Sea, though leader Arild Hermstad said Monday he plans to cooperate with Store in negotiations to get policies through parliament.
While total production from the Norwegian shelf peaked in the early 2000s, monthly oil output recently jumped to the highest in more than a decade following the ramp-up of the Johan Castberg field in the Barents Sea. Companies including Equinor ASA and Aker BP ASA are pouring billions into infrastructure aimed at squeezing out more barrels.
Norway is a “leading energy nation, important for Europe” and its energy security, Store said. “We will continue to be a reliable partner, but also to take forward technological shifts, cut emissions and live up to our climate obligations.”
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