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to the nation’s economy by 2050, with Alberta bearing the brunt of the blow. “This essentially
• Recognizing the growing need for energy security across Europe and the world, Norway says oil and gas companies have a “social responsibility” to find more oil and natural gas resources in the northern Barents Sea adding they should “leave no stone unturned” in the pursuit of the critical resources. A month later Norway approves $18.5 billion to develop 19 offshore oil and gas projects. • Skyrocketing demand for oil, led primarily by China’s economic surge, forces the IEA to recalculate its predictions for the year, upgrading its demand growth estimate to 2.2 million barrels per day to further increase record usage around the world. • Canada’s Public Policy Forum estimates phasing out the country’s oil and gas industry in an effort to reduce emissions will lead to the loss of some $100 billion SPOTLIGHT MAGAZINE ON BUSINESS MAGAZINE • VOL 24 ISSUE 1 27
Norway Minister of Petroleum and Energy Terje Assland and Equinor Vice President Grete B. Haaland at the official reopening of the Njord field on May 15th, 2023. Photo courtesy Equinor
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