Norway says no to oil extraction in the Arctic region

Norway says no to oil extraction in the Arctic region

Norway has a strong oil industry, but politicians have withdrawn their support for exploring the Arctic.

The opposition Labor Party, the largest party in Norway's parliament and a supporter of the nation's oil industry, has withdrawn its support for oil exploration on the Lofoten Islands in the Arctic.

This implies that the country's parliament now has a strong majority opposing drilling in the area and ending an era that helped transform the nation into one of the most prosperous in the world.

The Lofoten Islands, which are also considered a natural wonder, are estimated to hold between 1 billion and 3 billion barrels of oil and natural gas.

The country's largest oil producer, Equinor ASA, argues that to maintain current production levels, it is necessary to advance over the Arctic. Karl Eirik Schjott-Pedersen, head of the Norwegian Oil and Gas Association, said that "the entire industry is surprised and disappointed."

The move comes days after the government announced plans aimed at encouraging investments in renewable energy infrastructure assets.

With information from:

Video: Economic race to extract Arctic resources (October 2020).