Avslutningsinnlegg International Energy Forum

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Ladies and gentlemen,

Dear friends,

It is my pleasure to make a few closing remarks and express gratitude to all those who made this conference a reality, in particular our host, Norwep.

And not least, those of you taking part in discussions and provided useful insights in current affairs in international energy.

We are about to put a challenging year behind us. Although we see more stability in the energy markets than a year ago, there are still many hurdles to cross.

Geopolitical tensions.

Fragile and vulnerable energy markets.

And, we see the impact of climate change at an even higher rate.

The International Energy Forum is about looking ahead, and how we can shape our energy future.

At this summit, valuable insight has been given regarding the international energy markets, what role energy plays in securing world peace, and not least, how can we speed up the energy transition.

And not to forget, the sessions today and tomorrow on opportunities in oil and gas, ccus, energy systems, hydrogen, offshore wind, solar and hydropower.

An important perspective for me, as Norway’s minister of Petroleum and Energy is that solving these challenges and to push forward the energy transition, is also about creating new jobs and competing in international markets.

Norway is a small country with an open economy – export of goods and services, and especially energy, make up a crucial part of our economy.

We are totally dependent on the world economy – because we have to succeed - out there.

Earlier this month, I was out there, when I had the pleasure to visit Houston.

What I saw and learned there made me proud.

Norwegian companies are helping to drive the energy transition forward and take a strong position both in the US and globally.

It is an important contribution to our success in cutting our greenhouse gas emissions and being a stable energy provider.

Recently published reports from Menon and Multiconsult confirms Norway’s role as a major energy player on the global markets.

Their forecasts indicate further growth for Norwegian energy players in 2023, and they also expect a significant growth up to 2025.

Even though petroleum will continue to be the engine of international sales, many players expect growth in other segments, particularly offshore wind, which is now the biggest driver both in Norway and internationally.

We are also pleased to see a 40 percent increase in revenues in the hydrogen sector.

And not least, measured by international turnover, solar energy was the second largest renewables sector, behind offshore wind power.

 

Ladies and gentlemen, we are one of the great world powers when it comes to energy.

Nature has given us the opportunities.

For more than a century we have developed hydropower.

In half a century we have become experts in offshore operations.

This has given us specialised skills, coping with deep water, strong currents and heavy wind.

These skills have proved useful when we have moved into new areas.

Skills which also will come into good use in solving the challenges ahead.

 

However, we must not take for granted that we will remain a world power in energy.

We need to adapt for the future and make political decisions that will lead us to a net zero emission society.

And - adapt for a future where energy still may be used as a weapon.

Norway contributes to the European energy security by being the biggest gas producer for the continent.  On average, Norwegian gas is produced with much lower emissions than gas produced in other countries.

The knowledge and technology development offered by the Norwegian oil and gas industry is already being used in new, green energy production and clean tech. Offshore wind is one example, CCS another.

As for hydrogen, Norway wants to develop a value chain for hydrogen produced with low or no emissions. In this respect, “blue hydrogen”, natural gas with CCS, will play a crucial part, especially at the beginning, to secure scale of production.

And finally, our ambitions on offshore wind. The Norwegian government has a goal to award areas with the potential for 30 gigawatts offshore wind production on the Norwegian continental shelf by 2040. We are working hard to achieve this goal.

It is, however, no secret that these are trying times for offshore wind. Rising interest rates, increasing inflation and bottle necks in the supply chain have created challenges hard to foresee just a year or two ago. But we are working together with the companies and with our international partners to find solutions.

I am looking forward to Wednesday 15th, when we will see how many companies apply for prequalification for Sørlige Nordsjø II.

 

Let me be clear. If we are to reach our political goals, we need the expertise, experience and commitment of our energy industries, whether it’s renewables, petroleum or a bit of both.

We need an energy industry which competes – and wins – in the tough international markets.

In that respect, I want to take this opportunity to thank Norwegian Energy Partners not only for hosting us here today, but also for contributing to the internationalisation of Norwegian energy industries.

With our starting point, your strong characteristics and drive, I believe we have every reason to be a great energy nation in the years to come.

I wish you all a successful International Energy Forum.

And I hope you all will enjoy the rest of the evening.

Thank you.