Good morning, everyone.

Thank you to Sparebank1 Markets for inviting me again.

I take that as a good sign.

And thank you to all of you for coming—investors, bankers, company leaders, analysts – and many more.

Many of you work with risk every day.

You price risk. You compare risk. And you decide where to place capital.

So let me use that as my frame today, as I usually do at this conference:

Why invest in the energy nation Norway?

My short answer is:

Because Norway is a place where energy projects can be planned for the long term— with stable rules, high competence, and a clear understanding of what Europe needs.

But I will also be honest:

We do not live in a simple time. And energy is no longer only an economic topic.

Energy is also security.

 

We live in a more uneasy and less predictable world than we have for a long time.

We have war in Europe.

We have rising tension between major powers.

And we see more uncertainty in trade and in industry policy.

In this new situation, energy, industry, and security are linked even more closely than before.

And in such a world, predictability at home becomes more valuable.

 

Despite this—there is also good news

Even with all this uncertainty, there is much that is positive.

In Norway, we have seen strong activity—both in renewables and on the continental shelf.

In 2025, it is estimated that 40 billion kroner was invested in power, grid, and district heating - an increase of 24 percent from 2024.

Next year, we expect to see a further increase in investments.

At the same time, we see higher speed in planning and permitting.

The number of cases on power and grid with the licensing authorities has gone from just under 90 in 2021 to over 300 in the third quarter of 2025.

Solar power is growing and on hydropower we have projects under consideration that can provide 1.4 terrawatt hours of new power, enough for around 90 000 households for a year.

This may also increase the power supply by 3 Gigawatt. With the rise in share of unregulated power production, increase in power supply is even more important.

At the same time, the continental shelf delivered high levels of energy and high levels of income.

Oil production reached 106 million standard cubic metres in 2025—the highest level since 2009.

Gas production was 120 billion standard cubic metres, close to the record year 2024, and at a historically high level.

We drilled 49 exploration wells, and we made discoveries in 21 of them.

The discovery volume was 420 million barrels, the second highest in ten years.

And this matters for investors for a simple reason:

It shows execution.

It shows that Norway is not only talking. We are building, connecting, finding, and changing—at the same time.

And that is exactly what long-term capital looks for.

 

Now let me explain how we think about energy policy.

What do we do to ensure such results ahead?

Our approach is practical.

The energy transition is not one road. It is several roads at the same time.

And the job of government is to make sure those roads move forward—

with stable rules, clear processes, and credible decisions.

 

So I will these parts:

-Oil and gas

-Power and grid

-Offshore wind

-And CCS.

And I will connect this to the main question:

Why invest in Norway?

 

First, on oil and gas the Labour-led Government is clear:

We will develop—not dismantle - Norwegian oil and gas.

This is about jobs, value creation, and energy security.

Norway is the largest producer, and the only significant net exporter, of gas and oil in a European market that is heavily dependent on imports.

Today, 30 percent of the EU’s gas import needs come from Norway.

Europe does not have enough domestic gas production to meet total needs.

And the world and Europe will need oil and gas for decades to come.

Norwegian oil and gas production is not constrained by demand.

It is constrained by the resources on the Norwegian Continental Shelf.

And because production from existing fields declines over time, investments in new capacity are important to secure energy access in Europe and globally.

Norway will continue to be a stable and reliable supplier of oil and gas to Europe.

And we will continue to offer predictable framework conditions for companies that invest in our petroleum activities.

This is also why we work to slow the decline that will come after 2030.

To support new discoveries, we have offered companies 57 new production licences in APA 2025, or TFO as we say here.

And we have sent for consultation a proposal for APA 2026, where we expand the APA area with all or parts of 70 blocks.

We also plan a petroleum white paper in 2027.

The goal is to ensure broad political support in the Parliament for stable, predictable terms—and for access to exploration acreage over time.

For investors, that is the key point:

Long-term projects require long-term policy.

And Norway’s aim is to keep that long-term line.

 

Second, on power production and grid, where the key words are faster, but still orderly.

Power is what creates opportunities.

It supports industry, jobs, and competitiveness.

We have had a large power surplus in 2025.

But we still need more renewable power—and we must build grid faster.

And we need permitting processes that are both thorough and efficient.

That is why we work to simplify and speed up processes—without lowering standards.

We have strengthened the energy authorities, with more case handlers and better digital tools.

And we have taken steps to avoid double handling—so that time is used better.

For investors, this is not a technical detail.

It is a core issue.

Because in energy, delays are also risk.

And risk has a price.

So, when we talk about Norway as a place to invest, we must also talk about the ability to permit, to build, and to connect.

 

Let me give you an example on how we put this predictability into practice.

Many of you probably followed the recent debate on Melkøya and the Finnmark power lift.

Now let me connect this to something very concrete.

You asked: why invest in Norway?

My answer is: invest where society can carry large projects over time.

Where permits, grids, industrial plans, and safety rules are taken seriously.

And where the state understands that predictability is a competitive advantage.

A good example is what we are doing in Finnmark—around Melkøya and the power lift.

Large industrial projects need grid.

They need clear decisions.

And they need confidence that the rules will not change halfway.

When the state gives permits after thorough processes,

and companies invest based on those permits,

then it is not responsible to create new uncertainty late in the project.

This is not only a local issue.

It is a national signal.

Because if we want investment, private investment -

we must protect the basic idea that decisions stand.

The Finnmark power lift is also about creating room for more than one project.

It is about building modern infrastructure for the region—step by step, so Finnmark can take part in new value creation.

For investors, this is a clear message:

Norway is serious about doing the hard work—

grid, permits, industrial planning—

not only strategies and headlines.

 

Third, the same approach could go for offshore wind, where our way is step by step, but predictable.

The Government has made offshore wind a clear priority.

We contribute to the development of offshore wind in a responsible and predictable way.

Offshore wind matters because it can provide:

  • increased renewable power production,
  • help cut emissions,
  • support technology and skills development,
  • and create new opportunities for Norwegian suppliers.

We had a successful auction in the spring of 2024.

In that auction we awarded the project area for our first large scale project: the 1500 MW Sørlige Nordsjø II project.

Last fall we also awarded project areas of 500 MW each to two applications for floating wind.

And in 2025 we carried out the first competition for floating offshore wind on the Norwegian shelf.

Looking ahead, the Government has stated that we will present a plan for future offshore wind development in Norway in 2026.

We also place high value on regional cooperation.

At the North Sea Summit in Hamburg in January, we had a very useful meeting.

The ministerial declaration clearly signals that we will continue close cooperation in the North Sea region on a range of energy issues.

For offshore wind, regional cooperation will be key to reach shared ambitions.

For investors, again, the message is simple:

We do not promise a straight line.

But we do promise a clear direction—

and we will keep building the market step by step, with predictable rules.

 

Fourth: carbon capture and storage—CCS.

CCS is important if we want to cut emissions and keep industry competitive.

Norway has experience, offshore competence, and strong regulation.

We have a continental shelf that can store CO₂ safely and permanently.

And we see strong interest from companies.

CCS is not only a climate tool.

It is also an industrial tool.

It can become a new part of the Norwegian energy and industrial portfolio-with real projects, real contracts, and real risk management.

This is also relevant for finance.

Because CCS needs capital that understands long time frames, technical risk, and regulatory risk.

Norway’s role is to make the framework stable and credible—

so private capital can do its job.

 

So, let me sum up this pitch in plain terms.

First: Norway is a stable energy supplier to Europe.

And in a more unstable world, that stability has higher value.

Second: Norway has a broad energy base.

Oil and gas. Hydropower. Growing solar. Offshore wind development. CCS.

We are not betting everything on one single solution.

Third: Norway has competence and execution capacity.

We see it in the investment levels, in the number of projects in the system,

and in activity on the shelf and in renewables.

Fourth: We work for predictable frameworks.

We know that capital does not like surprises.

And we know that long-term investment needs long-term policy.

 

This is also why I say to the finance community:

You are not only funding projects.

You are funding opportunities, reduced emissions and energy security.

 

Let me close.

Yes, the world is more uneasy.

Markets are more volatile.

Energy is more political.

But that is exactly why predictability matters more.

Norway’s offer is not a grand slogan or branding.

It is something simpler:

A stable country.

A serious regulator.

A skilled workforce.

And an energy policy that aims to deliver—year after year.

We will develop renewables and strengthen the grid—because we need more power.

And we will develop the continental shelf—because Europe needs energy security, and Norway needs value creation.

Not one or the other.

Both.

Energy transition is not about choosing one road.

It is about making several roads move forward—together.

That is what we are doing.

Thank you for your attention.

I wish you a good conference.