HOUSTON – While acknowledging that his country’s E&P activity has been significantly impacted by low oil prices, Norwegian Minister of Petroleum and Energy Tord Lien insisted that Norway’s industry will persevere, and he touted the sector’s longer-term attributes. Speaking to a crowd of invited guests at the Norwegian consulate in Houston on Monday, Lien said that he believes part of the reason for the industry’s ultimate resiliency will be due to the actions of the Progress Party (somewhat right-wing) administration in which he serves.
“One of the key factors of success is broad political consensus, and we’ve been able to achieve that,” explained Lien. “Also, our petroleum policy has a clear division of labor between the government and commercial companies. We have instituted transparency, stability and predictability into the framework of energy. Our goal has been to work with the forces of the free market economy, not against them.” By the same token, he noted that the government also has the goal of securing a large part of the resource rent for the Norwegian people. And he pointed out that the country’s oil and gas sector has benefitted from competition between companies.
Source: World Oil
Published: September 30, 2023