Norway aims to strengthen its partnership with Indonesia and explore investment opportunities in renewable energy, including hydropower and carbon capture and storage (CCS), according to the Norwegian Energy Minister. Norwegian companies are expected to bring their expertise in hydropower and CCS to help reduce emissions in Indonesia. Norway’s first CCS project, Northern Lights, is set to have storage capacity ready this year and is scheduled to begin capturing carbon dioxide from a cement plant in Brevik in May 2025.
The minister met with representatives from Norwegian companies in Singapore, including Equinor, DNB, and Yara, which are investing in renewable energy, energy storage, and alternative fuels like ammonia in the Asia-Pacific region. While Norway is committed to achieving net-zero greenhouse gas emissions by 2050, it continues to explore and develop new oil and gas fields, including those in the Arctic’s Barents Sea, to sustain production levels expected to peak in 2025.
Norway, the largest oil and gas producer in Western Europe, generates a total output of just over 4 million barrels of oil equivalent per day (boe/d). According to the minister, Norwegian gas supplies to Europe are expected to reach 120 billion cubic meters (bcm) this year, an increase from 109 bcm in 2023.
Norway plans to issue exploration permits for seabed mining in the Arctic region next year with the goal of extracting minerals essential for solar panels, wind turbines, and electric car batteries. This initiative is part of Norway’s effort to transition from fossil fuel energy. However, the plan has faced opposition from environmental groups and some European countries.
(Source: Egypt Oil & Gas)
