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Norway to continue search for oil, fuel, incoming government says

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HURDAL, Norway, Oct 13 (Reuters) – Norway will continue to discover for oil and fuel within the subsequent 4 years, with most new drilling permits to are available mature areas of its oceans, the incoming government stated on Wednesday.

A minority coalition of the leftwing Labour Party and the agricultural Centre Party will take energy on Thursday after beating the ruling Conservative-led government in final month’s election.

“The Norwegian petroleum industry will be developed, not dismantled,” the 2 events stated in a joint coverage doc, including that it’s going to keep the prevailing system of handing out exploration licences.

While local weather change was a high problem debated in the course of the marketing campaign for parliament, Labour has stated it needs to guarantee any transition away from oil and fuel, and the roles it creates, is a gradual one.

Norway is western Europe’s largest oil and fuel producer, pumping round 4 million barrels of oil equal per day and deriving half its export revenues from hydrocarbons up to now this 12 months.

Complicating the scenario, the brand new minority government should search assist from opposition events in parliament for its insurance policies, nevertheless, a few of which search to curtail the oil business’s drilling.

EUROPEAN RELATIONS

The settlement on the European Economic Area, permitting Norway to be a part of the European single market with out being a member of the European Union, will stay in place, stated Jonas Gahr Stoere, who will develop into prime minister within the new government.

“The EEA agreement is the basis of our relationship with Europe,” Stoere informed reporters.

But Oslo will focus on extra typically particular instances of EU guidelines and laws for implementation, stated his coalition associate, Trygve Slagsvold Vedum.

“We do not want this privatisation of railways that the previous government has done,” Vedum informed reporters. “We will see the concrete cases as they come.”

Reporting by Victoria Klesty, Terje Solsvik and Nerijus Adomaitis, modifying by Gwladys Fouche

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