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Norway support a lower oil price, not considering a wind fall tax
Polyteknisk.no
Norway, Deputy Oil Minister Liv Monica Stubholt
OSLO
Petroleumworld.com, April 25, 2008
We would not regret an oil price at a steady lower level even though it would mean a little less money" , Norway, Deputy Oil Minister Liv Monica Stubholt told journalists this week.With the price pushing the $120 barrier, Stubholt said that the oil prices were not driven by a supply problem. " It is curious for everyone regarding the world's market that the oil price is as high as it is ... considering the supply situation," she said.
This week world oil prices, had threatened to break the symbolic 120-dollar-a-barrel level, but on Thursday the retreated. New York's main oil futures contract, light sweet crude for delivery in June, closed down 2.24 dollars at 116.06 dollars a barrel at NYMEX on Thursday. Brent North Sea crude settle in at 114.34 dollars a barrel on Thursday in London.
Minister Stubholt said, Norway is not thinking in a wind tax for oil on oil companies new extra income due to high oil prices, despite that Venezuela has applied such tax ." Definitely we are not thinking on such a tax " Stubholt told Petroleumworld on Wednesday, at a press conference in Oslo Airport.
Minister Stubholt also mention that Norway is aware of planned EU rules that could put a fences on its oil and gas firms and its sovereign wealth fund.
Even Norway is not a partner in the EU, it is part of the Common Market, regulations are in the win to limit non-EU suppliers of energy which do not open up their markets.
Stubholt said European discussing restricting investment of third-country energy suppliers and are to require specific investment in return for granting them access to their markets.Stubholt also referred to EU regulations aimed at restricting secretive sovereign wealth funds due to a perception of funds as political motivated, and it might affect Norway's oil fund.
"There is a risk that guidelines and legislation will be developed that will harm the Norwegian fund, although we do not fit the mould," she said.
Norway's $387 billion oil fund and Europe's biggest equity investor, is viewed as a model of transparency for other states and example to to follow.
Norway is the number two supplier of natural gas to the EU after Russia.
Story by Elio Ohep, editor of Petroleumworld
Petroleumworld 24 04 08
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