Daily Management Review

Norway's largest party to ban oil production near Lofoten Islands


The Labour Party of Norway decided not to support oil production in the region of the Lofoten Islands. Now, opponents of the deployment of oil projects in the Norwegian Arctic zone have a solid majority in parliament, which ultimately should lead to the final imposition of a ban on oil production in the area.

The decision of the Labour Party of Norway not to support oil production in the region of the Lofoten Islands (an archipelago in the Norwegian Sea under the control of Norway) is a landmark event. Previously, the party has been supporting the oil industry for decades, and the trade unions of oil industry have traditionally been its helping hand in the elections. Now, however, Sunday’s vote at the Oslo Party’s annual meeting may put an end to the alliance of the 1970s.

Oil reserves in the sea near the Lofoten Islands are estimated at 1-3 billion barrels, which could bring oil companies tens of billions of dollars and help them create additional jobs.

But none of this is likely to be done. Disputes over the permission to extract oil in the region have been going on for several years, during which the mining companies did not let the islands off the shelf. The transfer of the Labour Party to the camp of opponents of oil development actually closes the question - now the vast majority of parliamentarians oppose oil and gas projects in the Lofoten Islands.

source: reuters.com