Rising costs and supply chain constraints are questioning plans to bring the world’s northernmost oil field online. Norwegian energy company Equinor has moved the date for a major investment decision by four years from December to the end of 2026.
The state-controlled company justified this with increased costs and other uncertainties surrounding the Wisting offshore field in the Arctic. Environmentalists welcomed the decision.
On the other hand, it is a setback for the Norwegian government, which had hoped for more jobs in the oil and gas sector.
“Precious nature is left alone”
“The decision means the project has been shelved and locked up,” said ABG Sundal Collier analyst John Olaisen. “This is a huge blow to industry and development in the Barents Sea.” Frode Pleym, head of Greenpeace Norway, welcomed the development: “It means that 200 million tons of CO₂ will remain in the ground. This means that endangered and valuable nature is left alone.”
Problem: Over the past 40 years, temperatures in the Arctic have risen nearly four times faster than the global average. On average, it warmed by 0.75 degrees Celsius per decade – this also increases the risk of fire (see video above).
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
