Norway lauded for energy and climate balance

May 30 (UPI) -- Norway's consistency as an oil and gas producer with ambitious renewable energy goals makes it a model for other nations, an international report found.

A report published Tuesday by the International Energy Agency found Norway is a main factor in European energy security because it's a dependable supplier of oil and gas, yet it manages its reserves in a sustainable way.

"As one of the world's largest energy exporters, Norway plays a leading role in advancing global energy security," IEA Deputy Executive Director Paul Simons said in a statement. "At the same time, Norway is fully committed to environmental sustainability."

Norway sends nearly all of what it produces offshore to the European market. By the IEA's estimate, gas production has been on a steady rise and, while oil production is down 40 percent from peak levels in 2001, it's been producing consistently at around 2 million barrels per day.

The National Petroleum Directorate of Norway said preliminary data for April show a daily production of 1.7 million barrels of oil, 377,000 barrels of natural gas liquids and 31,000 barrels of an ultra-light form of oil called condensate. The preliminary data for April is 2 percent below March figures and, for oil, was lower by about 30,000 barrels per day. Both levels were higher year-on-year, however.

The IEA's country report for Norway said the oil and gas reserves are "considerable," with about 30 percent of the total discovered and undiscovered natural gas reserves and about 50 percent of the oil reserves put into production.

For Norway to continue with its regional leadership, the IEA said further investments are necessary to facilitate oil and gas production. On climate issues, meanwhile, the report found environmental considerations are integrated into Norwegian production policies. Emissions from the combustion of fossil fuels are 34 percent higher than in 1990, but have been steady for the past decade. For its grid, nearly all of the country's electricity is generated from hydropower.

"The Norwegian government recognizes that being blessed with vast energy resources requires sustainable management of oil and gas, hydropower and new renewables," Norwegian Energy Minister Terje Søviknes said in a statement.