We invest in promising companies that provide solutions to the climate change challenges

Caspian Energy (CE): Mr. Freiberg, the number of Norwegian companies abandoning an oil-gas business in favour of industrial production and innovations is getting more and more. In particular, Norsk Hydro, Equinor are cutting oil production. Does it mean that the oil-gas sector is not a priority for the Norwegian economy anymore? What’s in store for Europe in this case?

Kjell-Børge Freiberg, Member of the Norwegian Parliament, former Minister of Petroleum and Energy of Norway: The oil and gas sector is by far Norway’s largest measured in terms of value added, government revenues, investments and export value. The sector therefore plays a vital role in the Norwegian economy and the financing of the Norwegian welfare state. The activity level on the Norwegian continental shelf is expected to increase in the years to come. The operators and the service and supply industry have managed to reduce costs and increase efficiency over the last few years, resulting in profitable projects even at low oil prices. Norway continues to lead an active exploration policy. We have made significant acreage available for exploration and we are encouraged by the interest shown by the industry to continue to explore on the Norwegian shelf. We are seeing exciting new oil and gas projects on the Norwegian Continental Shelf. For example, in October of 2019 the oil field Johan Sverdrup was brought on stream. It is the third largest oil field ever on the Norwegian Continental Shelf.