Emissions on the Norwegian continental shelf keep falling, while Norway has never exported as much gas as it does now. With this, Norway maintains its position as a reliable energy supplier to Europe.
The Norwegian oil and gas industry has made significant strides in executing KonKraft’s climate strategy. However, reaching the 2030 target will be challenging. Realisation of less mature measures, along with the
identification and implementation of new ones, as well as a predictable and stable regulatory framework, will be decisive for how close the industry comes to achieving its 2030 goals. The KonKraft partners aim to develop new value chains for offshore wind, hydrogen, CCS, and seabed minerals on the NCS. The annual KonKraft status reports provide an updated picture of how the industry is progressing towards the climate goals and the development of the new value chains.
Recent developments in international politics, characterised by increased geopolitical unpredictability and heightened international tensions, are affecting energy markets and the conditions for the Norwegian continental shelf as an energy supplier. For players on the Norwegian continental shelf, this development could result in significantly higher supplier costs and increased uncertainty about the pace and direction of the energy transition. In this year’s status report, we take a closer look at how geopolitical shifts may affect this development.
About KonKraft:
The KonKraft partnership developed the climate strategy "The Energy Industry of Tomorrow on the NCS – Climate Strategy towards 2030 and 2050" in 2020. The strategy describes the industry's efforts to achieve national and global climate goals. The development and follow-up of a common climate strategy demonstrate the partners’ willingness to adapt and their ambitions for realising a low-emission society. One of the KonKraft collaboration’s primary aims is to cut greenhouse gas emissions from the Norwegian oil and gas industry by 50 per cent by 2030 and to near zero by 2050. In parallel with reducing emissions from petroleum activities, a new and forward-looking energy industry will be built on the Norwegian continental shelf, comprising offshore wind, hydrogen, and carbon capture and storage (CCS)