Norway officially opens new North Sea oil field

Jerusalem, 8 January, 2020 (TPS) -- By: MIA

Norwegian Prime Minister Erna Solberg on Tuesday officially opened a new North Sea oil field, saying its “revenues would help fund the welfare state.”

The Johan Sverdrup field would generate state revenues worth about 900 million kroner (102 million dollars) and contribute to better schools and health services, and a good transport system, Solberg said in her remarks.

Production began in October. The field, one of the five largest on the Norwegian continental shelf, is located about 140 kilometres west of the city of Stavanger.

Norway’s state-owned energy company Equinor, formerly Statoil, operates the field.

“We will need the petroleum industry in the decades ahead. The world needs more energy and there will still be need for Norwegian oil and gas,” Solberg said.

She and Equinor chief executive Eldar Saetre noted that the field produces less CO2 emissions than many rivals, citing the use of renewable land-based energy sources for the oil production.

The oil field has an estimated 2.7 billion barrels of oil equivalent, and an expected lifespan of 50 years.

Critics include Une Bastholm, the sole member of parliament for the Green Party in Norway. She said the investment was a major mistake.

Swedish teen climate activist Greta Thunberg was also critical. “Despite the fact we’re in the beginning of a climate and environmental emergency, Norway is opening new ‘biggest in Western Europe’ oil field,” she recently tweeted.