Trends in the Norwegian Oil and Gas Sector

March 9, 2018 - 9:00 am

3401 Massachusetts Avenue, NW
Washington, DC, DC
Trends in the Norwegian Oil and Gas Sector

Introduction by:
H.E. Kåre R. Aas
Ambassador of Norway to the United States

Opening remarks by:
Ambassador Richard Morningstar (Ret.)
Founding Director and Chairman, Global Energy Center
Atlantic Council
A conversation with:
H.E. Terje Søviknes
Minister of Petroleum and Energy
Norwegian Ministry of Petroleum and Energy
Please join the Atlantic Council Global Energy Center and the Norwegian Embassy at the Norwegian ambassador’s residence on Friday, March 9, 2018 for a wide-ranging conversation with Norwegian Minister of Petroleum and Energy Terje Søviknes about current trends in the Norwegian oil and gas sector.
Norway is a major offshore oil and gas producer, producing about 2 million barrels of oil per day and exporting a record 122 billion cubic meters of natural gas during 2017. Its natural gas production, in particular, is critically important for Europe’s energy security because most of its natural gas is exported to Europe via pipeline. In fact, Norwegian supplies make up about twenty-five percent of the European Union’s gas consumption, making it the second largest supplier of natural gas to Europe, second only to Russia.
The oil and gas sector in Norway is important going forward because the Norwegians still have significant oil and gas reserves in the High North and the Barents Sea, meaning they have the resources required to remain a major, reliable, and long-term supplier of natural gas to Europe for decades to come. This sector is also interesting to watch because the Norwegians focus not only on oil and gas production, but also on being a leader in climate policy and sustainability.

On Twitter? Follow @ACGlobalEnergy@NorwayUS, and @Tsoviknes and use #ACEnergy

Norwegian Ambassador’s Residence
3401 Massachusetts Avenue, NW

Washington, DC 20007

Supported by the Royal Norwegian Embassy in the United States


Kåre R. Aas presented his credentials to President Obama at the White House on September 17, 2013.

Ambassador Kåre R. Aas’ distinguished career with the Norwegian Ministry of Foreign Affairs began in 1983. Aas was accredited as Norway’s ambassador to the United States on September 17, 2013. Prior to his current position, he served in Oslo as political director of the Ministry of Foreign Affairs,

Preceding his assignment as political director, Aas served as Norway’s ambassador to the Islamic Republic of Afghanistan from 2008-2010. During his tenure in Afghanistan, Norway focused on education, good governance, rural development and collaboration with civil society. Aas also took part in an informal dialogue between Afghanistan and neighboring countries as part of a broad political settlement.

From 2003 to 2008, Aas served as director general in the Department for Security Policy and the Arctic. In that capacity, he was responsible for Norwegian security policy and Norway’s strategic cooperation with European and Transatlantic partners, including NATO and Norway’s participation in international operations.

Ambassador Aas was also responsible for Norwegian policy and obligations within the fields of disarmament and non-proliferation, nuclear safety, Norway’s strategic policy regarding the Arctic, and bilateral relations with the USA, Canada, Russia, Eastern Europe, South-Caucasus and Central Asia.

From 2005-2007 he served as Norway’s governor to the International Atomic Energy Agency (IAEA) Board of Governors.

Furthermore, Aas chaired and was a member of various international groups working on nuclear disarmament, non-proliferation and international peacekeeping operations. During his career, Aas has also been posted to Chile, Norway’s Permanent Delegation to NATO in Brussels, and the Permanent Mission of Norway to the United Nations in Geneva.

Ambassador Aas was born on May 25, 1955 in Oslo, Norway. He has three daughters and one son.

Richard L. Morningstar is the founding director and chairman of the Global Energy Center at the Atlantic Council. He served as the US ambassador to the Republic of Azerbaijan from July 2012 to August 2014. Prior to his appointment, since April 2009, he was the secretary of state's special envoy for Eurasian energy. Prior to that, Morningstar lectured at the Kennedy School of Government at Harvard and Stanford Law School. From June 1999 to September 2001, he served as US ambassador to the European Union. Prior to this, Morningstar served as special adviser to the president and secretary of state for Caspian Basin energy diplomacy, where he was responsible for assuring maximum coordination within the executive branch and with other governments and international organizations to promote US policies on Caspian Basin energy development and transportation. From April 1995 to July 1998, he served as ambassador and special adviser to the president and secretary of state on assistance for the new independent states (NIS) of the former Soviet Union, where he oversaw all US bilateral assistance and trade investment activities in the NIS. From 1993 to 1995, he served as senior vice president of the Overseas Private Investment Corporation (OPIC). Morningstar also served as chairman of the board and chief executive officer of the Costar Corporation from 1990 to 1993 and as president and chief executive officer from 1981 to 1990. He was an attorney with Peabody and Brown (now Nixon and Peabody) in Boston from 1970 to 1981, where he became a partner in 1977. Morningstar served as a commissioner of the National Conference of Commissioners on Uniform State Laws (1989–93). Prior to returning to the government in 2009, he served as director of the American Councils for International Education, a trustee of the Kosovo-America Educational Foundation, and a trustee of the Eurasia Foundation. He is a member of the Council on Foreign Relations. Morningstar received his BA from Harvard in 1967 and JD from Stanford Law School in 1970.
Terje Søviknes has been Norwegian minister of petroleum and energy since December 2016. He is also currently the leader and a board member of the Progress Party in Hordaland and a member of the Progress Party Steering Committee. Previously, Mr. Søviknes served as mayor of Os municipality in Hordaland County (1999-2016), second vice chair of the Progressive Party, a member of the Progress Party Programme Committee, and the first substitute member of the Hordaland County Parliament.
Mr. Søviknes received a degree in aqua engineering and studied economics at the Norwegian School of Economics (NHH).