Pumping money into the ground

UPDATE | Oslo will fund development of “safe and sustainable” oil exploration in the Barents

Faster, cleaner, cheaper

Tore Andre Kjetland Fjeldsbø

The Norwegian government has set aside 30 million kroner ($3.5 million) for oil exploration technology that is specially developed for the conditions of the High North.

The funding is part of a 115 million kroner initiative to developed oil exploration technology.

Initially, 15 million kroner had been earmarked for northern technologies by the Petroleum and Energy Ministry. The figure was doubled after the Foreign Ministry announced today it would contribute to the initiative.

“Together with the Foreign Ministry, we now continue a special effort on the Barents Sea and the northern region. With this I hope that we both bring out new technologies and strengthen our producers in the High North,” Tord Lien, the petroleum and energy minister, said in statement.

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Through its DEMO 2000 funding program, the government hopes to stimulate oil industry activity and create jobs, with special focus on the producers.

The funding for technologies that can be used in the Barents Sea comes at a time when oil and gas industry in Norway continues to face cutbacks and restructuring due to the decline in oil prices.

“By focusing on knowledge and technology, we ensure that our efforts in the North are carried out responsibly and sustainably,” Børge Brende, the foreign minister, said.

Originally published by The Arctic Journal. Re-published here with the permission of the author.

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