Norway will move forward with its North Sea wind power project in 2021, despite already having most of its power generated from renewable sources. The new project is aimed to help speed up its oil industry transition to a new low-carbon business model. The country is seeking ways how it can adapt its petroleum sector. Norway’s Equinor has also set plans to expand its renewable power portfolio, especially offshore wind to satisfy investors and meet climate targets.
Oslo has earmarked two North Sea areas for up to 4.5 GW of bottom-fixed and floating wind turbine capacity. The government will provide details of the tender in this year’s spring. Industry sources said the process would likely be similar to oil and gas exploration procedures with no charges for seabed rent. The two areas, Utsira Nord and Soerlige Nordsjoe II, are suited to floating turbines because they include deep-water sections.
Floating turbines are relatively new technology but seen as more suitable for Norway. Equinor is working on a pilot floating turbine project that will power its Gullfaks oil platform. Norway’s offshore oil platforms are typically powered by on-site gas turbines. Wind power is expected to replace them to cut the platforms’ carbon footprint.
Norway also plans to export its offshore wind power. Last year, hydro and offshore wind power contributed to more than 98% of the country’s 154.2 TWh power generation. Its power net exports stood at 20.5 TWh, according to official data. However, Norway’s offshore wind sector is still unprofitable. Some industry experts said it might turn to profit by the next 5-8 years, while others estimated at 10-15 years.
