Oil-wealthy Norway faces a political crossroads as climate concerns grow

Aurora over Norway's Lofoten Islands.

Enlarge / A faint but
colourful aurora from the Lofoten Islands, Norway, on March 10,
2018. (credit: VW Pics/UIG via Getty Images)

On Saturday, the leader of Norway’s Labor Party said the party
would stop pushing for oil exploration in the country’s
ecologically-sensitive Lofoten Islands,
according to Bloomberg
. Norway is a major oil producer, pumping

more than 1.6 million barrels of oil per day
from its oil-rich
offshore areas.

Permission to conduct exploration missions in the waters off the
Arctic Lofoten Islands has been at the top of the wish list for
Norway’s powerful oil industry. The waters have been estimated to
contain a reserve of one billion to three billion barrels of oil,
and
state-owned oil company Equinor has said
that exploiting
Lofoten is key to maintaining Norway’s status as an oil powerhouse
in the future.

Norway is particularly invested in oil. The country maintains
one of the largest sovereign wealth funds in the world, built on
the profits of the state’s oil industry. The so-called Government
Pension Fund has assets worth more than $1 trillion.

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Source: FS – All – Science – News
Oil-wealthy Norway faces a political crossroads as climate concerns grow