Arctic Is Top Foreign Policy Priority for Norway, Says Minister

While saying that production from the Statoil-operated Aasta Hansteen gas field may register delays, Norway said that the Arctic is its top international relations priority. 

“The Arctic is Norway's most important foreign policy priority. The Government will continue to give high priority to Norway's efforts in the Arctic in 2016,” Minister of Foreign Affairs Børge Brende said in a note released on Wednesday. 

Brende said that it intends to strengthen ties with the US, also explaining that cooperation with Russia brought about good results. 

“Our aim is to develop North Norway into one of our most innovative and sustainable regions,” Brende said, going through a series of new initiatives, ranging from stronger Armed Forces to increased allocation geological surveys.

Russia said it is building new military facilities on Arctic Ocean islands where it plans to deploy air defense units.

Meanwhile, Norway released its petroleum industry investment forecast, saying that it should decrease by almost 10% in 2016 to NOK 167 billion. 

“The industry is taking on the cost challenges that have arisen. Nevertheless, from a historical perspective, investment levels on the Norwegian continental shelf remain high. The development of the gigantic Sverdrup field will contribute significantly to the preservation of jobs in many businesses” Minister of Petroleum and Energy Tord Lien said in a separate press release. 

According to the Oil Ministry, Aasta Hansteen could be postponed to 2018 due to delays in constructing its platform. The field was previously expected to start in the last quarter of 2017. 

Norwegian ministers spoke on Wednesday in occasion of the 2016 fiscal budget. 

On the other hand, during a presentation in London, Total Chief Executive Patrick Pouyanne said his company expects global oil demand growing by a very strong 1.7 million barrels per day (bpd) or even more this year.