NORWAY Trends and Developments Contributed by: Jøran Sandvik, Ida Mattsson Sperre and Aksel Tannum, Advokatfirmaet Haavind AS
Concluding Remarks The Norwegian energy sector is developing rap- idly, with the line between the traditional power/ electricity sector and the oil and gas sector becoming increasingly blurred. This develop- ment is being driven by strong political impetus towards both further electrification (including of oil and gas installations) and the development of new and profitable industries such as (float- ing) offshore wind, hydrogen and CCS, as part of the necessary transition of Norway’s oil and gas industry. Norway has considerable ambitions within these new industries. The high electricity prices in recent years, combined with the energy crisis and the geopolitical situation in Europe, are also contributing to even faster develop- ment and more investments. Overall, there are strong indications that the development that is unfolding today will be further strengthened in the years to come.
tions for the project. The first volumes from Nor- cem are expected to be transported and stored in the offshore geological reservoir operated by Northern Lights this year. Through the Longship project, Norway anticipates that carbon removal will facilitate a reduction of emissions exceeding 1 million tons between 2025 and 2030. In the wake of the Longship project, several new initiatives pertaining to both CO₂ storage and CO₂ capture are starting to accelerate. The MoE has issued 11 licences for the exploration of potential offshore geological formations for CO₂ storage. Through the EU Innovation Fund, the Havstjerne project, operated by Altera on the Norwegian continental shelf, has been granted more than NOK2 billion to support the develop- ment of a new CO₂ storage site. The authors also see many small-to-medium-scale initiatives for CO₂ capture moving forward in relation to con- struction, and initiatives to establish CO₂ hubs for transport and storage are emerging, enabling access to storage infrastructure (including for smaller volumes). The Norwegian government is expected to pre- sent support mechanisms for further realisation of CO₂ capture in the national budget for 2026, and it is also continuing to work towards further refinement and development of the legal frame- work. A proposal for revised CO₂ storage regula- tion is expected to be presented in 2025.
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