Oil, ONS | That is why the star English teacher believes that Norway can play a crucial role: – You have a bit of history

The oil industry was shocked when the corona pandemic sparked oil glut and price wars between Saudi Arabia and Russia.

Several of the world’s largest oil companies, such as BP and Shell, have responded by investing money in renewable green projects. At the same time, the giants have suffered huge write-offs. Many of the oil and gas projects are simply worthless in the future and do not belong to a reality where only the most profitable projects survive.

Here too Norway should see itself in the mirror, says Nick Butler, a professor at Kings College.

– We are now at a time when low costs are the most important thing in the oil industry and can be a challenge for Norway. There are many places in the world where oil and gas can be produced cheaper than in the North Sea, says Butler, continuing:

– I think Norway will have to properly analyze the production costs of many of its oil fields. Not all projects and fields are economically viable, and there are many companies and states in other parts of the world that can supply more oil available and cheap than Norway. Therefore, my message to Norway is that it must move faster in the transition. Norway should make the most of the Norwegian continental shelf, but also work more with other energy solutions for the future.

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Gordon Brown’s former adviser

Butler has a long and impressive resume, which includes two years as a special adviser to former Prime Minister Gordon Brown in the UK. Today, the King’s College professor is affiliated with the Financial Times as a commentator and has been hired to shed light on the all-digital onshore conference in Stavanger.

Butler began his career at the oil giant BP more than 40 years ago. For a long time, oil, gas, and coal have accounted for about 80 percent of the world’s energy demand. And many have thought that the dominance of fossil fuels would continue for some time, at least for the next 20 or 30 years. But now there are big movements around the world.

– Has the outlook on the world’s energy needs changed over the last six months, given the huge investments we see in renewable energy around the world?

– It is a very good question to which we are still trying to find answers. It depends on how we get out of the economic downturn that almost everyone is in. People and businesses can no longer afford to buy new houses, new cars, or new factories. They have to work with what they have. This affects demand for oil and gas, says Butler, who is quick to emphasize that the world will not change any time soon:

– Renewable energy is growing, but it is still only a small part of the energy mix in a global perspective. I believe that hydrocarbons will continue to represent more than 70 percent of the world’s energy needs in ten years. The question is more about how fast the recession will be.

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I do not agree with the interpretation of Nettavisen from Norway

“Norway is a country in the world, Mr. President,” Lars Korvald said at the Storting in 1972. The former prime minister’s statement has been repeated many times over the years, and Kings College Professor Butler will be no less Needless to say, Norway may play an important role in the global climate in the future.

– During ONS, you will speak with Norwegian Minister of Oil and Energy Tina Bru (H) about how Norway can play a leading role in the global energy transition. Is it possible for a small country like Norway to do something like this?

– I do not agree that Norway is a small country. Many refer to Norway as a small country, but you have a bit of a history when it comes to diplomacy, for example. A “pure” Norway wouldn’t make much of a difference in the world. A “clean” Europe would be something, but the continent still accounts for only about 10 percent of the world’s climate emissions, says Butler, continuing:

– But Norway could have done a lot in climate diplomacy. A country like Norway, which does not pose a threat to most countries, needs to find solutions and engage in discussions with countries around the world to find out how they can reduce emissions in the future.

Butler also believes that Norway can become a leading star in hydrogen for fuel. Before the summer, the government singled out hydrogen in a separate strategy as an opportunity for greater value creation and green growth. Butler, among other things, has noted Equinor’s pioneering investment in hydrogen in the UK and thinks the prospects are very exciting.

– I think hydrogen will be very important when the technology is cheaper and better known. Hydrogen has great potential and one may have the opportunity to decarbonize parts of the economy that are difficult, if not impossible, to electrify using wind and solar energy. I’m thinking in particular of commercial aircraft and heavy industry, says Butler.

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