eNewsletter April 2019/2
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Norway walks away from 3 billion barrels of oil in the Lofoten islands

The second largest oil producer in Europe decided to abandon a massive oil field off the Lofoten islands. Norway’s Labour Party backed the efforts of the country’s government to stop pushing for oil exploration offshore Norway’s Arctic following a petition signed by 53,000 people. The decision is a stinging blow to Norway’s oil industry; however, it will contribute to protecting the fragile Lofoten ecosystem. Oil companies led by state-controlled Equinor ASA, the biggest Norwegian producer, have said that gaining access to Lofoten is key if the country wants to maintain production as current resources are being depleted. Estimates suggest that up to 3 billion barrels could be hiding off the archipelago. Yet Labour’s decision wasn’t a big surprise as Norwegians are starting to question their biggest export amid growing concerns over climate change. But the battle will now likely move on to whether drilling should continue in the Barents Sea.

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