Norway to End Arctic Oil and Gas Drilling

In a decision that caught oil and gas industry executives by surprise, the largest governing party in Norway announced it is withdrawing its support for fossil fuel exploration in the Arctic ocean near the sensitive Lofoten Islands, thereby effectively putting them off limits for development. According to Bloomberg, State-controlled Equinor ASA, the biggest Norwegian oil producer, have said that gaining access to Lofoten is key if the country wants to maintain fuel production — experts had estimated that there are 1 billion to 3 billion barrels of oil in the waters off the Lofoten archipelago.  

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