Perspectives for petroleum activities in the Barents Sea

At the Barents Conference Tuesday Norwegian Minister of Petroleum and Energy outlined his vision for meeting the world’s energy needs without contributing to climate change and pollution of the marine environment.

25/04/2007 :: As developing countries rapidly industrialize, global demand for energy is set to increase by 53 percent by 2030. Since more than 80 percent of the increased demand for energy will have to be met by fossil energy sources, the importance of oil and gas in the global energy mix will remain fairly stable for years to come.

The Norwegian Minister for Petroleum and Energy spoke at Barents Conference in Hammerfest in the very North of Norway, an annual roundtable on the business activities in the energy sectors in the Barents Sea.

Mr Enoksen focused on the efforts of the Norwegian government to provide supplies to ever more energy-hungry world market while at the same time maintaining the fragile equilibria of the ecosystems in the High North. The Minister’s talk furthermore dealt with the increased internationalization of Norway’s petroleum industry and cooperation with Russia, Norway’s neighbour to the East.

Norway is the second largest exporter of gas to EU after Russia and the third largest exporter of oil in the world after Saudi-Arabia and Russia.

“Norway has been a very stable and secure supplier of oil and gas to the EU for more than thirty years. This will continue for many years to come. (…) On the political level, Norway is closely linked to EU energy market through the EEA agreement. We have a formalised and regular energy dialogue with the EU in this respect”, Mr Enoksen said.

Click here for the full transcript of Mr Enoksen’s speech.

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Norwegian Minister for Petroleum and Energy Mr Odd Roger Enoksen believes carbon capture and storage technology could allow Norway to provide clean and relibable energy supplies to the EU and the world in years to come.