Yongpeng Sun-Tastaufen
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Russia-Ukraine War - News and Developments PART 2
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aviator_fan
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Russians have made Norway the 3rd largest energy exporter in the world surpassing Russia. I much preferred a world of balance and unofficial check and balances. By this stupid military actions Russians fell into a trap and created their own misery.....and with this China is the only check / balance against western policies (or standards) around the world
Norway is now surpassing Russia in energy exports.
In a remarkable turn of events, a humble office building overlooking a fjord in Stavanger, Norway, now holds the key to European energy security. Here, the company Petoro oversees several of the continent’s largest oil and natural gas fields on Norway’s petroleum-rich continental shelf. This unassuming location has become central to Europe’s quest to keep the lights on amid rising tensions with Russia over the war in Ukraine.
As Russia scaled back natural gas exports last year, Norway ramped up production to help meet Europe’s energy needs. Fuelled by the escalating crisis in Ukraine, Norwegian oil and gas exports have soared, transforming the country into Europe’s primary energy provider.
Petoro CEO Kristin Fejerskov Kragseth commented on the shift: “The war and the whole energy situation has demonstrated that Norwegian energy is extremely important for Europe. We were always important, but maybe we didn’t realise it.”
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The immense significance of this elevated status is not lost on Norway. A small country of just 5.5 million inhabitants, energy accounts for around a third of Norway’s economic output. Norway’s government, like the government of Saudi Arabia, not only owns the oil and gas fields, but also holds significant stakes in the companies extracting the natural resources. The war in Ukraine has contributed to an estimated $100 billion increase in Norway’s oil and gas earnings.
There are mixed feelings in Norway regarding this reliance on fossil fuels, Sunday Spotlight reports. Climate change and questions surrounding future petroleum exploration were central issues in the 2021 national election. However, the latest energy crisis seems to have led to a consensus that Norway should continue to produce large amounts of petroleum for at least the next few years.
Ulf Sverdrup, director of the Norwegian Institute of International Affairs, noted, “The war has changed the political sentiment. Basically, Europe said: ‘Hey! We need your energy.'”
Norway is not part of the European Union, but it maintains a close relationship with its neighbours. Following the outbreak of war in Ukraine, European leaders in Brussels and countries such as Germany, which had become heavily reliant on Russian gas, turned to Norway for assistance. The Norwegian government promptly authorised increased gas production levels to help its allies.
Energy companies in Norway managed to boost gas production at the expense of oil, leading to an 8% increase in gas output. As a result, Norway now supplies around a third of the natural gas consumed in Europe.
The financial benefits of Norway’s elevated status in the energy world have been staggering. Petoro earned roughly $50 billion in 2022, nearly triple its 2021 earnings. Equinor, Norway’s state-controlled energy producer, reported record adjusted earnings of $75 billion. Government estimates suggest that oil and gas revenues added $125 billion to the Norwegian state in 2022, approximately $100 billion more than in 2021.
These huge profits have filtered into Norway’s $1.3 trillion sovereign wealth fund, otherwise known as the “oil fund.” This fund holds an average stake of 1.5% in around 9,000 listed companies across the globe, allowing the government to dip into its annual earnings to finance almost 20% of the national budget. The fund’s existence helps protect Norway’s economy, which grew 3.3% in 2022, from fluctuations in oil and gas prices.
The additional revenues have breathed new life into cities like Stavanger, where many jobs are closely linked to the energy industry. Nevertheless, tensions persist as environmental groups argue that Norway’s increased fossil fuel production is out of step with efforts to combat climate change.
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Frode Pleym, head of Greenpeace in Norway, expressed concern over the situation: “Norway is locking Europe into what is really a problem for the climate.”
Norway’s newfound position as Europe’s energy lifeline has significantly reshaped the continent’s energy landscape, but at what cost? As the war in Ukraine rages on and European nations become increasingly reliant on Norway’s resources, the long-term environmental implications of this relationship remain uncertain.
Yongpeng Sun-Tastaufen
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Yongpeng Sun-Tastaufen
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Yongpeng Sun-Tastaufen
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Ukraine bought time in winter by holding you Russians in Bakhmut. Defence of Bakhmut has trained 100,000 troops on new equipment for coming summer offensive. While Russia sent whole winter sending waves of human attacks and getting their needed equipment endlessly destroyed
Yongpeng Sun-Tastaufen
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Russia will also launch offensive in summer. Wagner and Muslims mainly Chechens and Tatars is used for offense. Other units are used for trench defense.
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Dalit
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Russians have made Norway the 3rd largest energy exporter in the world surpassing Russia. I much preferred a world of balance and unofficial check and balances. By this stupid military actions Russians fell into a trap and created their own misery.....and with this China is the only check / balance against western policies (or standards) around the world
Norway is now surpassing Russia in energy exports.
In a remarkable turn of events, a humble office building overlooking a fjord in Stavanger, Norway, now holds the key to European energy security. Here, the company Petoro oversees several of the continent’s largest oil and natural gas fields on Norway’s petroleum-rich continental shelf. This unassuming location has become central to Europe’s quest to keep the lights on amid rising tensions with Russia over the war in Ukraine.
As Russia scaled back natural gas exports last year, Norway ramped up production to help meet Europe’s energy needs. Fuelled by the escalating crisis in Ukraine, Norwegian oil and gas exports have soared, transforming the country into Europe’s primary energy provider.
Petoro CEO Kristin Fejerskov Kragseth commented on the shift: “The war and the whole energy situation has demonstrated that Norwegian energy is extremely important for Europe. We were always important, but maybe we didn’t realise it.”
Related news
Dutchman ordered to quit donating sperm after allegedly fathering 550 kids
6 hours ago
Chinese students witness steamy couple in classroom and share live updates online
8 hours ago
The immense significance of this elevated status is not lost on Norway. A small country of just 5.5 million inhabitants, energy accounts for around a third of Norway’s economic output. Norway’s government, like the government of Saudi Arabia, not only owns the oil and gas fields, but also holds significant stakes in the companies extracting the natural resources. The war in Ukraine has contributed to an estimated $100 billion increase in Norway’s oil and gas earnings.
There are mixed feelings in Norway regarding this reliance on fossil fuels, Sunday Spotlight reports. Climate change and questions surrounding future petroleum exploration were central issues in the 2021 national election. However, the latest energy crisis seems to have led to a consensus that Norway should continue to produce large amounts of petroleum for at least the next few years.
Ulf Sverdrup, director of the Norwegian Institute of International Affairs, noted, “The war has changed the political sentiment. Basically, Europe said: ‘Hey! We need your energy.'”
Norway is not part of the European Union, but it maintains a close relationship with its neighbours. Following the outbreak of war in Ukraine, European leaders in Brussels and countries such as Germany, which had become heavily reliant on Russian gas, turned to Norway for assistance. The Norwegian government promptly authorised increased gas production levels to help its allies.
Energy companies in Norway managed to boost gas production at the expense of oil, leading to an 8% increase in gas output. As a result, Norway now supplies around a third of the natural gas consumed in Europe.
The financial benefits of Norway’s elevated status in the energy world have been staggering. Petoro earned roughly $50 billion in 2022, nearly triple its 2021 earnings. Equinor, Norway’s state-controlled energy producer, reported record adjusted earnings of $75 billion. Government estimates suggest that oil and gas revenues added $125 billion to the Norwegian state in 2022, approximately $100 billion more than in 2021.
These huge profits have filtered into Norway’s $1.3 trillion sovereign wealth fund, otherwise known as the “oil fund.” This fund holds an average stake of 1.5% in around 9,000 listed companies across the globe, allowing the government to dip into its annual earnings to finance almost 20% of the national budget. The fund’s existence helps protect Norway’s economy, which grew 3.3% in 2022, from fluctuations in oil and gas prices.
The additional revenues have breathed new life into cities like Stavanger, where many jobs are closely linked to the energy industry. Nevertheless, tensions persist as environmental groups argue that Norway’s increased fossil fuel production is out of step with efforts to combat climate change.
- Follow us on :
Frode Pleym, head of Greenpeace in Norway, expressed concern over the situation: “Norway is locking Europe into what is really a problem for the climate.”
Norway’s newfound position as Europe’s energy lifeline has significantly reshaped the continent’s energy landscape, but at what cost? As the war in Ukraine rages on and European nations become increasingly reliant on Norway’s resources, the long-term environmental implications of this relationship remain uncertain.
Does it even matter? Russia is getting a handsome amount of territory in return. Secondly, the inevitable is happening. Before our very eyes a new bloc is emerging. Russia is part of that bloc. It isn't all that bad for Russia.
European/American allies are still buying Russian oil and gas.
LOL we know why the Europeans and Americans are suddenly on a charm offensive and trying to get the developing nations on their side. The world is a divided place and emerging nations can have an alternative choice.
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Yongpeng Sun-Tastaufen
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Russia gained quite a lot of population since 2014. Almost 8 million from the Taurida and Donba regions.
RoadAmerica
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What a bunch of garbage propaganda
If I remember last summer the same thing u guys said before Ukraine took back over half of the territory Russia occupied in 2022. Crimean tartars fighting for Ukraine to not sure what you point is . What putin did to Chechnya & the whole plot was unforgivable. Any Chechnya fighting for Russia are a disgrace paid mercenaries
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Looks like it’s too late for them to switch arms suppliers. More junk for IndiaLook at this. Staunch Israeli and Western ally India is cosying up with Russia:
India, Russia agree to boost longstanding defence ties
Defence ministers of two countries meet in New Delhi.www.dawn.com
LOL this isn't related to trade, but defence ties.
Western ambassadors are writing letters and changing regimes abroad in various countries, but when it comes to India they seem helpless.
What right do Western countries have lecturing poorer and weaker countries when they cannot convince one of their staunchest ally to break relations with Russia?Something doesn't seem right.
Yongpeng Sun-Tastaufen
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Crimean Tatars fight for Russia. Ukraine never gave them language rights. They only got language rights in 2014 when Russia took back Crimea.
True, but now that Russia mobilized, Ukrainians do not out number Russians on the battlefield. Only 1 to 1 compared to 10 to 1 when Ukraine did offensive in September last year.
Chechnya enjoys prosperity in Russia. Chechen population basically doubled since the Chechen war.
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I had a test drive with Tesla Y. They have now a factory in Berlin. Poor design, poor interior, poor exterior, too expensive. I waiting for Audi or BMW to bring out new models then I will decide. Or maybe a Vinfast electric car. It coming on sale to Germany. I don’t know.
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