{"id":26920,"date":"2022-12-23T05:25:38","date_gmt":"2022-12-23T05:25:38","guid":{"rendered":"https:\/\/teknomers.com\/en\/crisis-package-for-the-oil-industry-costs-us-30-billion-news-norway-overview-of-news-from-various-parts-of-the-country\/"},"modified":"2022-12-23T05:25:39","modified_gmt":"2022-12-23T05:25:39","slug":"crisis-package-for-the-oil-industry-costs-us-30-billion-news-norway-overview-of-news-from-various-parts-of-the-country","status":"publish","type":"post","link":"https:\/\/teknomers.com\/en\/crisis-package-for-the-oil-industry-costs-us-30-billion-news-norway-overview-of-news-from-various-parts-of-the-country\/","title":{"rendered":"Crisis package for the oil industry costs us 30 billion – news Norway – Overview of news from various parts of the country"},"content":{"rendered":"\n

– This tells us that we have an oil tax package that is far too generous, and which the oil industry does not need either with the prices they have. This is simply irresponsible of the government. That’s what Karoline Andaur, secretary general of WWF Norway, says. In the spring of the 2020 pandemic, oil prices plummeted, but the crisis package was supposed to reduce the risk in new projects and ensure activity. And there will be activity: the package now results in a record number of new developments. WWF Norway has now calculated that the additional tax relief these developments will receive will be over NOK 30 billion. IRRESPONSIBLE: The oil tax package overstimulates the oil and gas industry, says WWF Norway’s general secretary Karoline Andaur. Photo: Kristian Sk\u00e5rdalsmo \/ news The estimate is based on figures from the analysis company Rystad Energy on the scope of the various development projects. – The package overstimulates more oil and gas in Norway, says Andaur. – Both the UN and the International Energy Agency (IEA) have said that we cannot have more oil and gas if we are to reach the 1.5 degree target. Now we simply have an oil boom, because it has led to many companies applying for the development of new oil and gas fields. Massive development news has previously reported that there will now be an all-time development bonanza in the oil and gas industry. The fact that many new so-called PUDs, plans for development and operation, are coming now is due to the aforementioned oil tax package being phased out from New Year. Rystad Energy estimates that there are a total of 33 applications covering 43 different fields that will fall under the crisis package. All these fields would hardly have been developed without the crisis package – in that case the state’s tax losses would also have been reduced. And: The new estimates only take into account tax revenue, not earnings from the state’s direct ownership in the oil or dividends from Equinor. Increased income here will be able to make up for some of the state’s tax losses. This is how WWF has arrived at the estimate WWF has used figures from the analysis agency Rystad Energy to calculate how large the tax revenues will be in the period from 2020 to 2070 from the developments that fall under the oil tax package. The organization has then calculated the corresponding tax revenues if the developments had taken place with a neutral tax regime, i.e. the regime under which developments applying for approval for next year will fall. The difference in tax revenue is then 30 billion kroner in 2023. The figures only show tax income and do not take into account earnings from Petoro or Equinor. (Source: WWF Norway) \u2013 Happy Just a week ago, Aker BP announced developments that are estimated to generate investments worth a staggering NOK 200 billion. – The oil tax package has worked as it should, says Geir Pollestad (Sp). In the spring of 2020, the Center Party, together with the Labor Party and the FRP in the Storting, pushed for the package to be more favorable for the industry than what the Solberg government had proposed. – It has created activity. Now there is activity, and new projects are coming to shipyards all along the coast. It is very gratifying, and that was the aim of the oil tax package, says Pollestad. – So I think it’s wrong to talk about a loss, because these are investments that will probably provide enormous income in the coming years. Pollestad also points out that the package was made less favorable in the 2023 budget, through the so-called exempt income being reduced by 30 per cent. The exempt income is a special tax deduction on investments that the oil companies benefit from. – The question is whether the package could not be made even less favorable? – There is always a discussion. But we have also been concerned with predictability for the companies, when we have said that we are presenting a package and that is how it is. EXCITED: Oil and Energy Minister Terje Aasland (th) last Friday received a PUD from Lars H\u00f8ier at Aker BP. Photo: Ole Berg-Rusten \/ NTB Oil and Energy Minister Terje Lien Aasland (Ap) will not agree that the tax package was too favorable either. – No, I would say that it has worked as intended, he recently told news. – It has ensured that we have had projects running and that there has been security for work at a time when there was a risk of large layoffs and downscaling of operations. In total, the oil and gas industry expects investments of NOK 149.7 billion next year. That is 14.4 billion more than in the previous reporting, Statistics Norway announced in November.
\n

\n
ttn-69 <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

– This tells us that we have an oil tax package that is far too generous, and which the oil industry does not need either with the prices they have. This is simply irresponsible of the government. That’s what Karoline Andaur, secretary general of WWF Norway, says. In the spring of the 2020 pandemic, oil […]<\/p>\n","protected":false},"author":1,"featured_media":26921,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[377,6229,18,201,533,16,14,645,15,2898,17],"class_list":["post-26920","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-billion","tag-costs","tag-country","tag-crisis","tag-industry","tag-news","tag-norway","tag-oil","tag-overview","tag-package","tag-parts"],"_links":{"self":[{"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/posts\/26920","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/comments?post=26920"}],"version-history":[{"count":0,"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/posts\/26920\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/media\/26921"}],"wp:attachment":[{"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/media?parent=26920"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/categories?post=26920"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/tags?post=26920"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}