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Photo: Mats Bakken

Oil revenues pay for the coronavirus packages

Norway will obtain NOK 277 billion in net cash flow from the petroleum sector in 2022.

This means that 10 months of next year’s oil and gas revenues will pay for all the country’s measures to counter the coronavirus in 2020 and 2021 (NOK 230 billion).  

– This demonstrates how important the oil and gas industry is for society,” says director general Anniken Hauglie at Norwegian Oil and Gas. “We secure large revenues and safeguard jobs nationwide.

Scope to be even more aggressive in developing new green value chains

The CO2 tax will be increased by 15 per cent in 2022.  

– That represents a substantial cost increase,” says Hauglie.  “The petroleum sector in Norway already ranks among the industries paying the highest overall CO2 price globally through CO2 tax and the emission allowance price. When a significant increase in the tax is now proposed, it will be important that the Storting [parliament] ensures the increased government revenues can be devoted to purposeful investment in hydrogen, carbon capture and storage and offshore wind power. We expect that the new government will contribute with an even more ambitious approach to developing these green value chains.