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☆ Norway’s fossil fuel bonanza stokes impassioned debate about how best to spend its ‘war profits’
▼ + stars: | 2023-01-26 | by ( Sam Meredith | ) www.cnbc.com time to read: +5 min

It has ignited an impassioned debate about international justice, with many questioning whether it is fair for Norway to rake in record oil and gas revenues at the expense of others' misfortune. Norway's Finance Ministry expects the state's revenues from oil and gas sales to climb to 1.38 trillion Norwegian krone ($131 billion) this year. "They are war profits," Lars-Henrik Paarup Michelsen, director of the Norwegian Climate Foundation think tank, told CNBC via telephone. Oil companies are getting richer and richer, but we don't see that money — and who is really paying for this? The so-called Government Pension Fund Global, among the world's largest sovereign wealth funds, was established in the 1990s to invest the surplus revenues of Norway's oil and gas sector.

☆ Putin wasted his leverage over Europe, which no longer relies on Russia for gas, German minister says
▼ + stars: | 2023-01-06 | by ( Tom Porter | ) www.businessinsider.com time to read: +2 min

German minister says Russia wasted the leverage it had in the early stage of the conflict with Ukraine. Europe was heavily reliant on Russian gas, but countries have now diversified their supplies. After the invasion of Ukraine there were fears of blackouts in Germany and other countries across Europe, as Russia drastically reduced its gas supplies amid sharp criticism of its aggression against its neighbor. But Germany's scramble to secure alternative energy supplies has borne fruit, with the country switching to sources of energy including Liquefied Natural Gas, or LNG. Habeck said that Germany was now "one-third done" with replacing Russian energy supplies through other means, and sounded a note of cautious optimism.

☆ Germany and Norway plan hydrogen pipeline
▼ + stars: | 2023-01-05 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —Germany just took a step closer to finding a long-term, greener replacement for Russian natural gas and coal. The power plants, jointly owned by RWE and Equinor, will initially run on natural gas produced in Norway before transitioning to “blue” hydrogen, also produced in Norway using natural gas and pumped through the underwater pipeline, the companies said. The ultimate aim is to generate so-called “green” hydrogen using renewable energy produced by offshore wind farms, they said, without providing target dates. The European Union has a target to build a 40 gigawatt renewable hydrogen production capacity by 2030. Norway is now Europe’s biggest supplier of natural gas, according to EU official statistics.

☆ The EU agreed to limit gas prices, but some analysts are skeptical
▼ + stars: | 2022-12-20 | by ( Jenni Reid | ) www.cnbc.com time to read: +6 min

Pipes run along a technical facility for compressing natural gas on the site of astora GmbH's Rehden natural gas storage facility, the largest in Western Europe. He flagged that it could disrupt the European energy market, risk security of supply and have wider financial implications. Analysts told CNBC that these conditions called into question the ability of the mechanism to limit energy price rises. Around 70% of liquefied natural gas (LNG) is tied up in long-term contracts, leaving 30% available on a spot basis. "As it stands, about 20% of Europe's electricity comes from natural gas, 10% comes from coal.

REUTERS/Lisi NiesnerCompanies Lockheed Martin Corp FollowBERLIN, Nov 30 (Reuters) - The leaders of Germany and Norway said on Wednesday they would jointly ask NATO to coordinate the protection of Europe's subsea infrastructure in light of the suspected attacks on the Nord Stream gas pipeline network. European countries have stepped up vigilance around critical installations after the Nord Stream 1 and 2 pipelines, which connect Russia to Germany, ruptured in September and spewed gas into the Baltic Sea. "We take the protection of our critical infrastructure very seriously and nobody should think that attacks would remain without consequences," he said. In an emailed statement, NATO Secretary General Jens Stoltenberg said he welcomed Germany and Norway's proposal. "We have stepped up our efforts after the recent sabotage of the Nord Stream pipelines, and it is vital to do even more to ensure that our offshore infrastructure remains safe from future destructive acts," he said.

[1/2] Offshore oil and gas platform supply vessels (PSVs) are docked at a pier in Stavanger, Norway, August 10, 2021. The decision to postpone the so-called 26th licensing round was part of the minority government's budget deal with the opposition Socialist Left Party (SV), Terje Aasland said in an interview. The deal extends an agreement the minority cabinet and SV made last year, when the government won elections, which delayed the 26th licensing round by a year. Aasland said there was "no drama" in the decision as authorities still issue licences to oil companies in a parallel licensing around called the APA round, in so-called mature areas that are already open to oil companies. The 26th licensing round grants the right to oil companies to explore and produce oil and gas in areas not explored previously.

☆ Finland urges Turkey, Hungary to swiftly approve Swedish, Finnish NATO bids
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +1 min

Lehtikuva/Vesa Moilanen/via REUTERSHELSINKI, Nov 1 (Reuters) - Finland's Prime Minister Sanna Marin on Tuesday urged Hungary and Turkey to swiftly approve the Swedish and Finnish applications for membership of the NATO defence alliance. Hungary and Turkey are the only two remaining NATO members to not yet have ratified the applications. "All eyes are now on Hungary and Turkey. Finland and Sweden last week reiterated they would join NATO at the same time, presenting a united front to Turkey. Reporting by Essi Lehto and Anna Ringstrom, editing by Terje SolsvikOur Standards: The Thomson Reuters Trust Principles.

OSLO, Oct 31 (Reuters) - Norway will put its military on a raised level of alert from Tuesday as it sharpens security in response to the war in Ukraine, the Nordic country's prime minister said on Monday. Norway is now the biggest exporter of natural gas to the European Union, accounting for around a quarter of all EU imports after a drop in Russian flows. "This is the most severe security situation in several decades," Prime Minister Jonas Gahr Stoere told a news conference. Norway first deployed its military to guard offshore platforms and onshore facilities after leaks on the Nord Stream pipeline on Sept. 26 and has received support from the British, French and German navies. Reporting by Gwladys Fouche, writing by Terje Solsvik, editing by Nora Buli, Philippa Fletcher and John StonestreetOur Standards: The Thomson Reuters Trust Principles.

☆ The security of Europe's oil and gas pipelines is at risk after the suspected Nord Stream sabotage. Here's a map of the sprawling network.
▼ + stars: | 2022-09-30 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +3 min

The security of Europe's energy infrastructure is in the spotlight after the Nord Stream damage. Take a look at the sprawling network that transports natural gas around Europe. Leaks were found on Monday in the pipelines transporting natural gas from Russia to Europe after a fall in pressure was detected. A wider map of European natural gas infrastructure. Norway has more than 5,000 miles of oil and gas pipelines, according to Norwegian Petroleum, making the security task difficult.

Russia intends to call a United Nations Security Council meeting over damage to the gas pipelines, Foreign Ministry spokeswoman Maria Zakharova said in a statement on Telegram. In the Baltic Sea, gas was still bubbling from the Nord Stream 1 pipeline, the Swedish Coast Guard said in an email. "There are good teams in place to handle pipeline accidents, there are emergency pipe inventories and experts for onshore and offshore," Jens Schumann, managing director of gas pipeline grid company Gasunie Deutschland, said. European gas prices rose following news of the leaks. The new Nord Stream 2 pipeline had yet to enter commercial operations.

☆ Norway to deploy military to protect its oil and gas installations
▼ + stars: | 2022-09-28 | by ( Nora Buli | ) www.reuters.com time to read: +3 min

OSLO, Sept 28 (Reuters) - Norway will deploy its military to protect its oil and gas installations against possible sabotage after several countries said two Russian pipelines to Europe spewing gas into the Baltic had been attacked, the prime minister said on Wednesday. Norway is now Europe's largest gas supplier and a leading global oil supplier. It has over 90 offshore oil and gas fields, most of which are connected to a network of gas pipelines stretching some 9,000 km (5,590 miles). Register now for FREE unlimited access to Reuters.com Register"The military will be more visible at Norwegian oil and gas installations," Prime Minister Jonas Gahr Stoere told a news conference. At sea, the Navy would be deployed to protect offshore installations, while on land, police could increase presence at facilities, he said.

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