Norwegian companies submit record $20.5 billion fossil fuel investment plans amid Russia-Ukraine war

With a total investment of over NOK 200 billion (approximately $20.5 billion), these projects are among Europe’s largest private industrial developments.

“The scope of the development plan we are submitting to the Minister for Oil and Energy is to create a future oil and gas company with low costs, low emissions, profitable growth and attractive returns. It is an expression of our ambition.” Aker BP CEO Karl Johnny Hersvik said:

Huge growth potential, but at what cost?

“We are uniquely positioned for particularly profitable growth through our role as operator of several major oil field developments on the Norwegian shelf in the coming years. We have a great opportunity to work closely with our partners and other strategic partners to lead the transformation of the oil and gas industry.”

Aker BP oil and gas state diagram.

Terje Aaslan, Norwegian Minister for Petroleum and Energy, added: What is happening today is overwhelming. Businesses are taking the government’s word and further developing the Norwegian shelf. ”

This development does not bode well for renewable energy, which was doing well in Europe before the war. In January 2021, Ember and Agora Energiewende’s annual report found that in 2020 renewables generated 38% of Europe’s electricity mix, while fossil fuels accounted for 37% of him. rice field.

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