EU profits from the Norwegian shelf as well

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Norwegian continental shelf represents significant value creation in the EU, according to a report from the Norwegian Oil Industry Association.
 98 percent of the oil exports from the Norwegian continental shelf and more than 96 percent of the gas exports in 2014 went  to  EU. But it’s not just Norway who profits from the shelf, the Norwegian Oil Industry Associatio concluded in a report Wednesday.
EU companies control 25 percent of the reserves on the Norwegian continental shelf and over 40 percent of the discovered resources, according to the analysis prepared by the consulting firm ECON.
In addition, the supplies to the Norwegian continental shelf  creates values  in EU of between 4 and 7 billion euros a year. Which is equivalent to up to 67 billion by today’s rates.
–  80.000- 120,000 jobs in the EU are based on the activity on the Norwegian continental shelf, Karl Eirik Schjøtt-Pedersen in Norwegian Oil Industry Association says and calls it a “win-win cooperation.”
– The main thing that is revealed in this report is how Norway and the EU mutually benefit from each other because of this , he said.
Source: NTB scanpix / Norway Today

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