The Norwegian Government has awarded 62 new offshore oil and gas production licences to 24 energy companies as part of its pre-defined areas 2023 (APA 2023) licensing round. 29 licenses were awarded in the North Sea, 25 in the Norwegian Sea, and 8 in the Barents Sea. Moreover, 16 of these production licenses are additional acreage for existing production licenses.
Burn the world down baby
The US is ramping up O&G extraction for North America, Norway is ramping up O&G extraction for Europe, meanwhile OPEC+ is instituting stricter supply limits and China is in the process of peaking fossil fuel consumption half a decade ahead of schedule.
Do you think OPEC is limiting supply to help fight climate change? If you do, I have a bridge to sell you.
It’s obviously not why they’re doing it, but they nevertheless are working to increase oil prices and decrease consumption.
🔥Line must go up!🔥