What is 47 billion bbl in oil and gas really worth in an age where renewable sources are increasingly filling the world’s energy needs?
That’s what Norway, western Europe’s biggest oil and gas producer, is asking itself as it prepares to take a hard look at the risks climate change poses to its economy and its petroleum resources even as it moves exploration and production farther into the Arctic.
After being re-elected last month, the Conservative-led government is now setting up a commission to study climate-related risks, ranging from physical threats to the effects of changes in energy consumption on the value of its oil and gas resources, Climate and Environment Minister Vidar Helgesen said.
Martin Skancke, an economist and former Finance Ministry top bureaucrat, will lead the seven-member commission composed of academics, which will present its conclusions by 14 December 2018, the Finance Ministry said in a statement on 6 October.
“We’re seeing both accelerating climate change that can lead to large costs as a consequence of infrastructure destruction and accelerating technology changes, especially in energy and transportation,” Helgesen said in a phone interview on 5 October. “That’s coming very fast, and that has an impact on the value of fossil resources over time.”
Read the full story here.
Don't miss our latest HSE content, delivered to your inbox twice monthly. Sign up for the HSE Now newsletter. If you are not logged in, you will receive a confirmation email that you will need to click on to confirm you want to receive the newsletter.
3 - 4 Oct 2019
- Calgary, Alberta, Canada
For a better understanding of geomechanical factors, attend this course
11 - 12 Sep 2019
- Bakersfield, California, USA
Combine engineering with computer programming in this 2-day course
3 Oct 2019
- Calgary, Alberta, Canada
Being Human - reserve your place at this one-day course
1 Nov 2019
- Bali, Indonesia
Registration Coming Soon
9 - 11 Nov 2019
- Abu Dhabi, UAE
The programme combines expert input, case studies, and immersive scenarios from the E&P and other industries to embed your learning and enable you to progress to the next level of your career.
10 Nov 2019
- Abu Dhabi, United Arab Emirates
Safety Leadership focuses on the ‘Human Factors’ (HF) which complement technical training to optimize reliability, safety, compliance, efficiency and risks within a team-based environment.
This course will help you develop a better understanding of factors that could impact your daily economic decisions as well as establish a new set of applicable tools to use in your professional career.
HSE Now is a source for news and technical information affecting the health, safety, security, environment, and social responsibility discipline of the upstream oil and gas industry.
©2003-2019 Society of Petroleum Engineers, All Rights Reserved.