The state has spent 1.8 billion on North Energy oil exploration without discovery is made – Avisa Nordland

The state has spent 1.8 billion on North Energy oil exploration without discovery is made – Avisa Nordland

A dram drop in oil prices and zero findings have led to the northern Norwegian North Energy is a partner hunting:

North Energy with headquarters in Alta has spent over two billion without making commercial discoveries. The state has subsidized the company 1.8 billion, writes Nord24.no

Oil Historian and researcher Helge Ryggvik at the University of Oslo is very critical of the government’s use of money on such small oil companies:

– Many small oil companies are going to break and go bankrupt at current oil prices. The worst thing is that they have received billions of dollars in government subsidies, without having made commercial discoveries, says oil historian Helge Ryggvik, according DN.no.

The company’s president Erik Karlstrøm had the fourth highest remuneration in 2013 among country’s oil directors, of 8.1 million.

Several north Norwegian politicians are disappointed, according DN.no:

- It was important to get a north Norwegian oil company that put North Norway center. Therefore, it is a shame for the region if they cease as a separate company. Nordpå our focus is that the oil must come people and the region to good, if not the only lie. It says head of Finnmark Labour, Ingalill Olsen.