Norway has given the green light to developing 19 oil and gas fields with a total investment of about 200 billion Norwegian kroner, roughly 18.5 billion dollars. This confirmation came during a press briefing led by Terje Osland, the country’s minister of oil and energy, and was published on the government’s official portal.
Osland noted that the overall investment for these projects would surpass NOK 200 billion, equivalent to around US$18.5 billion. He added that nine of the approved developments will be led by the energy group Aker, three by Equinor, with the balance handled by the German player Wintershall Dea and the Austrian company OMV.
The minister emphasized that the projects are designed to maintain steady production across Norway’s continental shelf. They are also expected to create new employment opportunities and strengthen Europe’s energy security through a more reliable supply from Norway.
The announcement underscored that the pipeline of new projects forms part of Norway’s strategy to lift oil and gas output. In a wider regional context, Norway has positioned itself as a key supplier to Europe, particularly as traditional energy routes shift in response to changes in the global energy landscape.
Market update notes from Bloomberg in May highlighted plans for Norwegian oil firms to tap fresh deposits in the Barents Sea. Such developments are seen as crucial for preserving Norway’s role as a major European energy provider into the coming years.
Last year, Norway benefited from Europe’s move away from some Russian energy supplies, reporting revenue gains that exceeded US$100 billion. This reflects the country’s continued influence in supplying critical energy resources to the region.