Oil and Gas Industry Discussed the Problems in the Sector

Oil and Energy Minister Terje Riis-Johansen met 21 key players in the oil and gas industry to discuss the impact of thefinancial crisis on the Norwegian continental shelf and implications for the supplier industry.In the meeting, the Minister said that the Government will work for long-term and predictable framework conditions, regular license awards and a steady level of activity.

– There is no doubt that Norwegian suppliers have tough times ahead. The industry decreased suddenly after a very high activity and employment levels, said Rolf Hestenes, industry manager of Petroleum and the Norwegian Industries. He also added that such large fluctuations are not favorable for the industry, which continuously depends on developing its technology and thus have to do much to maintain employment and skills in companies.

Governments Can Influence Future Trends

The participants pointed out that Norwegian suppliers exported for 95 billion in international markets in 2008, but the financial crisis made the export financing more difficult than before. the industry respesentatives, thus, requested that the authorities should help with additional measures such as export credits.

They also argued that the government must open up new exploration and production areas on the Norwegian continental shelf, and then the Norwegian oil companies should pursue an active industrial policy to take advantage of the rising oil prices.

In the meeting, it was further pointed out that Norwegian supply is a very knowledge-and innovation-intensive industry. There is a continuous development in the industry, and it is absolutely necessary for the Norwegian companies should be able to assert itself in international competition and for them to take market share in an ever-growing renewable energy industry.

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