Tuesday 31 January 2023

The energy crisis in Europe triggered by the ongoing war between Russia and Ukraine has left the continent short of hydrocarbon supplies and increasingly reliant on liquefied natural gas imports. Norway, the largest oil and gas producer in the region, has stepped up with a record-breaking sanctioning boom on the Norwegian Continental Shelf (NCS) that has seen a staggering 35 projects greenlighted in the last two and a half years – most at the tail-end of last year. According to Rystad Energy research, Norway will see development spending skyrocket in the short-term as the buildout of the project portfolio is estimated to launch a whopping $42.7 billion of greenfield investments.

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