Mammoth field fires up Norway’s oil industry

Posted: December 12, 2019 by oldbrew in Energy, News
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Image credit: ogj.com


In the real world, demand for oil continues unabated. Note for climate squealers: ‘At the production stage, each barrel has a carbon footprint 25 times lower than the global average’. Whoopee!

Under yellow metal legs stretching beneath the sea, billions of dollars lie buried.

As the world tries hard to halt global warming, mutters Phys.org, a huge oil field breathes new life into Norway’s oil sector.

“Massive!”, exclaims a delighted Arne Sigve Nylund, the head of energy giant Equinor’s Norway operations.

“At its peak, it will represent approximately 25-30 percent of the total oil production from the Norwegian continental shelf,” he says as he takes reporters on a tour of the Johan Sverdrup oil field, hardhat firmly secured on his head.

Fifty years after the Scandinavian country first struck black gold, the field holds the promise of another half-century of oil business, despite growing opposition to fossil fuels.

That is music to the ears of Norway’s oil sector, hit by a continuous decline in production since the turn of the millennium and a drop in oil prices since 2014.

Johan Sverdrup—named after a Norwegian prime minister—means welcome jobs and investments.

According to Equinor, which is 67-percent owned by the Norwegian state, the field represents a windfall of 1.43 trillion kroner ($157 billion, 141 billion euros), with more than 900 billion due to end up in state coffers.

A windfall that almost ended up in other hands: test drilling in the 1970s by French oil company Elf, now a part of Total, failed to find the oil field by just a few metres.

Norway’s King Harald will formally inaugurate the field in January, but production began back in early October and 350,000 barrels are already being pumped up each day.

That “probably” makes it the most productive field in western Europe, according to the Norwegian Petroleum Directorate.

When it hits its peak in late 2022, the field—which also includes companies Lundin of Sweden, Aker BP of Norway, and France’s Total—is expected to produce almost double that, or 660,000 barrels per day.

Full report here.

Comments
  1. Adam Gallon says:

    Ah, the tantrums of the “Greens”. Torn between praising Norway for going hell-bent for EVs, yet damning them for not “Keeping it in the ground”.

  2. oldbrew says:

    Meanwhile…

    German execs slam planned US sanctions on Russian pipeline
    By Agence France-Press on December 12, 2019

    “Europe should respond to sanctions that damage Europe with counter-sanctions,” Matthias Schepp, head of the German-Russian Chamber of Commerce, said in a statement.

    The 9.5-billion-euro ($10.6 billion) Nord Stream 2 pipeline will run under the Baltic Sea and is set to double shipments of Russian natural gas to Germany.

    https://www.brecorder.com/2019/12/12/552639/german-execs-slam-planned-us-sanctions-on-russian-pipeline/

  3. gseine says:

    While finding and adding more oil to our energy mix is wonderful news, better news still would be a means to deny such to the hypocritical greens. Allow Darwin to take care of the problem.

  4. oldbrew says:

    EU to offer billions to help poorer EU nations cut emissions
    Associated Press•December 11, 2019

    https://news.yahoo.com/eu-offer-billions-help-poorer-113120684.html
    – – –
    No! What they need to do is make them so poor they can’t afford to create ’emissions’ in the first place 😆

  5. Adam Gallon says:

    Or without having to accept whatever crap cookies Yahoo wants to stick on your device. https://apnews.com/062ff3c8f11ea15faee6fef1b54f68f7 “In total, Von der Leyen has pledged 1 trillion euros of investment over the next decade as part of her programme” My word, makes Corbyn’s magic Money Tree, look like a stunted shrub.

  6. oldbrew says:

    DECEMBER 9, 2019
    Brazil will drill massive oil find despite climate concerns: minister

    Brazil’s Mines and Energy Minister Bento Albuquerque spoke on the sidelines of a climate summit underway in Madrid where UN leaders have been urging countries to do the opposite and aggressively cut emissions of climate-altering gases that come largely from fossil fuels, or risk a global catastrophe.

    Albuquerque said Brazil as a developing country “could not release its grip on hydrocarbons,” saying oil would continue to be an important energy source for the world for many years to come.

    https://www.reuters.com/article/us-climate-change-accord-brazil/brazil-will-drill-massive-oil-find-despite-climate-concerns-minister-idUSKBN1YD1WD
    – – –
    ‘climate-altering gases’ – assertion is all they have

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