Ready to invest 30 billion EUR
If the waters outside Lofoten and Vesterålen in northern Norway are opened for the petroleum industry, it could lead to investments of around 30 billion EUR in the area, a recently published report concludes.
It is the Norwegian Oil Industry Association (OLF) which now presents the potential investment estimates for the Lofoten and Vesterålen area. Currently these areas are closed for test drilling. Seismic shootings still indicate that the local geology is very promising.
The Norwegian Parliament will pass a new management plan for the Barents Sea and Lofoten and Vesterålen area in 2010. If these areas are opened for oil and gas exploration and major resources are found, the estimated value of investments could amount tp more than 30 million EUR. If they are not opened for exploration, there will be a dramatic drop in investments on the Norwegian continental shelf, says Per Terje Vold in OLF in a press release.
– The report focuses on actions which will prolong the activities on the Norwegian continental shelf. It also shows that Norway will miss out on important incomes, important knowledge generation and large investments “if the politicians fail to show wisdom” in the years to come, says Vold.
The Norwegian petroleum industry contributes with a third of state revenues and all together employs approximately a quarter of a million people. If the industry is able to keep up its production rate it is expected that petroleum-related businesses will play the same mayor role in Norwegian economy for at least another 30 years.
