Norway’s Arctic Oil Bonanza Gets Reality Check in Pipe Limbo

Norway is grappling with how to turn last year’s oil and gas finds in the Arctic Circle into real money as the world’s seventh-largest crude exporter seeks to sustain output after more than 40 years of extraction.

Norway, whose oil finds in the North Sea starting in 1969 helped turn it into the world’s second-richest nation per capita after Luxembourg, can’t waste time in deciding on how to transport what it finds off its northern tip down south to the rest of Europe, Petroleum and Energy Ministry Ola Borten Moe said at a conference in the Arctic town of Hammerfest this week.