Ola cashes in €53 billion from petroleum
Net cash flow from Norway's petroleum activities in 2012 is greater than anticipated. Now, Minister of Petroleum and Energy Ola Borten Moe says the government aims at opening the southeastern Barents Sea for drilling.
Norway’s net cash flow in 2012 is about NOK 8 billion (€1 billion) greater than anticipated in the Revised National Budget 2012, the Government reported when presenting the budget for 2013 last week.
The 2013 National Budget estimates that the State’s net cash flow from petroleum activities will total almost NOK 391 billion (€53 billion) in 2012. Direct and indirect taxes account for about NOK 233 billion (€32 billion) of this amount. The State’s Direct Financial Interests will contribute approximately NOK 144 billion (€20 billion), while dividends from Statoil will amount to NOK 13.9 billion (€2 billion).
“The petroleum industry is Norway’s most important industry, and will continue to generate large revenues for the State in the years ahead, benefiting the entire country. It will also provide jobs and major opportunities for the Norwegian supplier industry, which is highly competent and internationally competitive,” says Minister of Petroleum and Energy Ola Borten Moe.
The Minister now aims at opening new areas in off the coast of Norway’s northernmost mainland Finnmark. An environmental impact assessment study was sent out for hearing from the Ministry earlier this week.
In addition, a geological seismic mapping of the sea bed takes place. The Ministry of Oil Petroleum and Energy says the goal is to start drilling.
“Assuming that the impact assessment provides a basis for it, the Government will submit a report which recommends opening for petroleum operations,” the statement from the Ministry reads.
The areas in question for oil and gas drilling cover the southeastern sector of the Norwegian part of the Barents Sea, all the way till the maritime border to Russia.