Stimulate increases in oil and gas production
Stimulate further oil and gas production from safe and environmentally sustainable operations and consider measures to prepare for a future with lower oil and gas revenues.
Norway
As one of the world’s largest energy exporters, Norway advances the energy security of consuming countries. At the same time, as a global advocate for climate change mitigation, Norway is committed to environmental sustainability and climate policy.
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Norway continues to manage its significant hydrocarbon resources and revenues in a sustainable way, and remains a reliable supplier of oil and gas. But as the world looks to cut its reliance on fossil fuels, Norway’s government should also consider measures to prepare for a future with lower oil and gas revenues.
Norway’s large hydropower generation is a valuable energy asset particularly at a time when European electricity markets are integrating and variable renewable energy generation is growing. More cross-border connections are coming online and will help realise the full potential of hydropower for balancing variations in demand and supply in the regional market. This will also improve electricity security in Norway in times of low hydropower availability.
In order to meet its ambitious targets to reduce greenhouse gas emissions by 40% of 1990 levels by 2030 and to become a low-carbon society by 2050, Norway needs to step up efforts at home. There is a major potential to do so in transportation, oil and gas production and manufacturing. In this context, a high level of public spending on energy RD&D; and strong efforts to develop carbon capture and storage are very welcome.
Norway’s large hydropower generation is a valuable energy asset particularly at a time when European electricity markets are integrating and variable renewable energy generation is growing. More cross-border connections are coming online and will help realise the full potential of hydropower for balancing variations in demand and supply in the regional market. This will also improve electricity security in Norway in times of low hydropower availability.
In order to meet its ambitious targets to reduce greenhouse gas emissions by 40% of 1990 levels by 2030 and to become a low-carbon society by 2050, Norway needs to step up efforts at home. There is a major potential to do so in transportation, oil and gas production and manufacturing. In this context, a high level of public spending on energy RD&D; and strong efforts to develop carbon capture and storage are very welcome.
Last updated Jun 22, 2020
Key energy statistics
Key recommendations, 2017
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Strengthen integration within the Nordic electricity market
Support further harmonisation with the Nordic electricity market and facilitate an increase in cross-border connections and demand-side measures to this end. Take measures to encourage market-based investments in low-carbon power generation.
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Develop a strategy to meet climate targets
When defining the 2050 target of becoming a low-emission society, clarify the expected role of international carbon credits, as such credits are set to decline in global efforts to reduce emissions by 2050.
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Energy Policies of IEA Countries: Norway 2017 Review
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Oil and Gas Emergency Policy: Norway 2011 update
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Energy Policies of IEA Countries: Norway 2011 Review
Events
28 Nov 2018
International CCUS Summit
5 Oct 2015
Island Energy - Status and Perspectives
3 Jun 2015
Will a smarter grid lead to smarter end users - or vice versa?
18 Mar 2013
Integrating Carbon Pricing with Energy Policies
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Norway 2016 In Force National
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Norway 2013 In Force National