The Norwegian government has postponed a decision on whether to mandate the construction of an oil processing terminal near the Arctic tip of northern Europe until the third quarter of next year, it said on Dec. 14.
If built, the onshore Veidnes terminal would receive crude via a pipeline from Equinor’s (NYSE: EQNR) offshore Johan Castberg oil field, which is expected to start producing in late 2022.
Equinor originally ditched plans for an onshore terminal in order to save costs, preferring instead to load oil on to crude tankers at the field before exporting it to global markets.
Parliament earlier this year urged the government to secure the construction of an onshore terminal, however, as it would generate significant investment and jobs in the remote region.
The energy ministry said on Dec. 14 further studies were needed into the project, which is supported by labor unions.
Environmentalists, however, oppose both the oil field and the proposed terminal.
Recommended Reading
US Geothermal Sector Gears Up for Commercial Liftoff
2024-04-17 - Experts from the U.S. Department of Energy discuss geothermal energy’s potential following the release of the liftoff report.
Devon Energy Leads $244MM Funding Round for Fervo Energy
2024-02-29 - The funds will finance Fervo Energy’s next phase of growth as it puts to use oil and gas technology and techniques to scale geothermal energy.
Oil, Gas Drilling Tech Transfer Boosts Fervo’s Geothermal Prowess
2024-02-14 - Geothermal company Fervo Energy is learning from oil and gas drilling and completion techniques to improve geothermal well costs and drill times.
Sinopec Completes Drilling of China’s Deepest Geothermal Well
2024-04-11 - Sinopec said the Fushen-1 Well was drilled to a depth of 5,200 meters.
Quaise Energy Raises $21MM Toward Deep Geothermal Operations
2024-03-12 - Quaise Energy will utilize a technique to vaporize rock using high-power microwaves to achieve deep geothermal energy globally.