The State’s net cash flow from the petroleum industry in 2019 is estimated to about NOK 286 billion.
– The petroleum sector is Norway’s biggest industry and our most important contributor to the financing of the welfare state. In 2019 the oil and gas production on the Norwegian Continental Shelf (NCS) provides an estimated income to the Government Pension Fund Global equal to NOK 215 000 for a family of four. Our petroleum policy ensures that the industry will continue to play a vital role in the financing of the Norwegian welfare state for decades to come, says Minister of Petroleum and Energy, Mr. Kjell-Børge Freiberg.
This figure includes direct and indirect taxes, revenues from the State’s Direct Financial Interest (SDFI) and dividends from Equinor. The revenue forecast for 2019 is around 34 per cent higher than the forecast in the Revised National Budget 2018, primarily due to higher expected oil prices.
The petroleum industry investments, including exploration and decommissioning costs, are estimated at a total of approximately NOK 176 billion in 2019. The corresponding figure for 2018 is NOK 155 billion.
– The activities on the NCS deliver great opportunities for onshore businesses. Over 170 000 people in Norway are directly or indirectly employed in the petroleum industry. The continued investments from the oil companies in exploration, new projects and further development of existing fields are important for job creation across the country. I am particularly pleased with the high activity level on the NCS. This creates positive ripple effects in every Norwegian county, says Freiberg.
The Norwegian continental shelf continues to offer extensive opportunities. The total recoverable resources are estimated at 15.6 billion standard cubic metres of oil equivalents, and only 45 per cent of the total recoverable resources had been produced by the beginning of 2018.
Total production of oil, LNG (liquefied natural gas), condensate and gas on the Norwegian continental shelf is expected to total around 230 million standard cubic metres of oil equivalents in 2018. This equals around four million barrels of oil per day. Expected gas production accounts for about half of total production. Production levels are expected to remain stable in near future, before it is expected to slightly increase in the first part of the next decade.
In the national budget for 2019, the Norwegian government proposes to allocate about NOK 670 million to work on carbon capture and storage (CCS). This is an increase of more than NOK 160 million compared to the final budget for 2018.
The Norwegian authorities’ kowtowing to Beijing has risen to another level as its immigration agency changed the reference to Taiwan on their website.

The Special Rapporteur on violence against women, its causes and consequences, Dubravka Simonovic, welcomes the awarding of the first Nobel Prize by the Norwegian Nobel Committee to Denis Mukwege, Congolese gynecologist, and Nadia Murad, Yazidi survivor of violence, for their personal and prominent role in fighting gender-based violence, including sexual violence.
NATO Secretary-General Jens Stoltenberg says he expects Russia to behave in a “professional” manner as the Russian Navy and the Western military alliance both conduct exercises in the same area in waters off Norway’s coast this week.
‘International institutions and joint solutions are under pressure. At the same time, global security challenges are becoming more complex. In the 2019 budget, the Government has therefore proposed to increase the allocation to countries affected by conflict and fragility and to people in need, and to step up efforts to promote human rights,’ said Minister of Foreign Affairs Ine Eriksen Søreide.
The Trump administration says it will be relentless with its sanctions against Iran until it’s a “normal country,” but still giving major importers of Iranian oil a chance to continue business without penalties.

Norwegian diplomat Geir Pedersen will be the new United Nations Syria envoy, U.N. Secretary-General Antonio Guterres told the U.N. Security Council in a letter seen by Reuters on Tuesday.
The Government proposes to increase the humanitarian budget by about NOK 250 million in 2019.
Norwegian caves packed full of American military equipment, ammunition and vehicles provide a unique capability that is more important than ever, a senior US Marine has said.

The Norwegian government has summoned the Iranian ambassador over a suspected assassination plot in Denmark. The plan is said to have involved a Norwegian citizen with an Iranian background.
With Nigeria being Norway’s largest trade partner on the continent, both economies have stressed the need to strengthen the bilateral ties even further.Indeed, both economies with apparently the same Gross Domestic Product (GDP) size believe that fresh investment opportunities abound for both countries to be explored as trade volume between both countries stood at $30 billion.
Since launching on 27 March 2017, Ethiopian Airlines has firmly established itself at Norway’s main airport. Now they are enhancing their service offering between Addis Ababa and Oslo Airport.
Four U.S. soldiers were injured in a major North Atlantic Treaty Organization exercise in Norway in an accident involving four vehicles Tuesday, the U.S. military said.