The Minister of Energy's speech at the inaguration of the Ormen Lange Subsea Compression project

Check against delivery.

Dear energy friends, 

It is a great pleasure for me to be here at Nyhamna today, to officially mark the opening of the Ormen Lange Phase 3.

This is energy security in real.

First of all, let me congratulate everyone involved – Norske Shell, Equinor, Petoro, ORLEN, Vår Energi, the suppliers, and all of you who has been involved to make this possible.

This is an impressive project! It is fair to say that it represents a milestone for both the Norwegian Continental Shelf and for Europe.

Ormen Lange is a perfect example of first-class Norwegian engineering:

With new technology, Ormen Lange Phase 3 will increase the recovery rate from 75 percent to 85 percent. That is, to put it mildly, impressive! And, on budget and on time!

Ormen Lange is a clear testament to how far you can go with high expertise and innovative thinking. The groundbreaking subsea compression technology is a first-class project to be proud of. Norwegian expertise has been crucial in making this happen. I saw this with my own eyes, when visited One Subsea at Askøy. It was highlighted that the whole subsea industry is looking to Norway. To understand what is being done to increase recovery, while keeping emissions low.

And we know that the technology and expertise developed within the Norwegian oil and gas industry has value far beyond oil and gas. The competence extends to other sectors such as carbon capture and storage and offshore wind.

The timing of this project could not be better. Energy security has become one of the most critical issues for Europe. Norway is proud to be the largest supplier of natural gas to Europe, and we are determined to remain a reliable and predictable partner.

Gas from the Ormen Lange field is a key contributor to Europe's energy security. This has become even more important following Russia's full-scale invasion of Ukraine.

With Ormen Lange Phase 3, we strengthen the security of energy supply to Europe – adding enough energy to supply millions of European homes, while at the same time offering some of the lowest CO₂ footprints in the market.

Norway has a long-term commitment: you can trust that we are in it for the long term.

The world will need oil and gas for decades to come. Due to natural decline from producing fields, large investments in new production capacity and increased recovery rates are needed.

For the government, it is therefore essential to continue a progressive exploration and petroleum policy. We need to ensure that companies have the framework and predictability to invest, to develop, and to take responsibility for their activities.

This is how we create value for society, secure jobs across the country, and provide the energy Europe needs.

Once again, my congratulations to everyone involved in this impressive achievement. Norway will continue to facilitate for projects like this, where technology, responsibility, and cooperation come together to deliver solutions that benefit both our society and Europe.

It is therefore my great honor to officially declare the Ormen Lange Phase 3 open.

Thank you.