Norway approves over €16.9 billion for oil and gas investments

Norway's government has announced the approval for oil companies to develop 19 oil and gas fields as part of the country’s strategy to extend production over the coming decades. The investments exceed 200 billion Norwegian crowns (€16.9 billion).

Among the field developments receiving final approval were nine operated by Aker BP, three by Equinor and several by Wintershall Dea and OMV.

‘These are projects that will contribute to a continued high and stable output from Norway's continental shelf as well as employment and value creation,’ says minister of petroleum and energy, Terje Aasland.

Last year, Norway overtook Russia as Europe's biggest gas supplier after Moscow cut supplies amid the war in Ukraine.