Norway leads global hunt for ‘black gold’

Norway leads global hunt for ‘black gold’
Photo: L.C.Nøttaasen (File)
Norway has found more oil than Iraq, Iran, Brazil the US or Russia so far this year and can expect to spend an extra 25 billion kroner ($4.2 billion) from the annual budget as a result, Norwegian media reported on Tuesday.

With a tax rebate on all exploration expenses and a predictable tax payout, even remote Arctic Norway in the Barents Sea is attracting newcomer oil companies in a new “gold rush”.

A recent million-barrel discovery by state energy champion Statoil and partner Lundin Petroleum have many believing that more giant oilfields like those that made Norway rich might yet be found.

Some 1.4 trillion kroner in new resources have been found offshore in the North Sea, the Norwegian Sea and the Barents Sea this past year, according to Rystad Energy, a numbers-crunching outfit quoted by newspaper Aftenposten.

Member comments

Become a Member to leave a comment.Or login here.