Norway urged to share oil, gas, 'gigantic' profits

Norway's oil and gas sector has been accused of benefiting from the conflict in Ukraine as European nations seek alternatives to Russian energy.

As Europe's second-biggest natural gas supplier, the Norwegian energy industry is facing scrutiny over its willingness to help neighboring countries cope with soaring power and fuel costs.

The government of Norway revised its profit forecasts for petroleum activities this year to 933 billion Norwegian kroner ($97 billion), which was noted to be more than three times that gained in 2021.

Norwegian state-owned energy company Equinor was reported to have earned four times more in the first quarter compared with the same period last year.

Norway delivers 20 percent to 25 percent of Europe's natural gas, while Russia supplied 40 percent prior to the outbreak of the conflict in Ukraine.

The Associated Press, or AP, news service reported that Poland's Prime Minister Mateusz Morawiecki wants Norway to offer some of its oil and gas as an alternative to the fuel Poland used to get from Russia.

Morawiecki said Norway was making "gigantic" oil and gas profits as a consequence of the conflict, and suggested the Scandinavian nation use the windfall to assist others, including Ukraine.

Many European countries have been dependent on Russian energy to power industry, generate electricity and fuel vehicles, and the European Union has stated its aim to reduce reliance on Russian natural gas by two-thirds this year.

Some European nations have already instigated higher taxes on profits of oil and gas companies in order to help residents absorb spiraling energy bills that have been exacerbated by the conflict.

Reuters news agency noted that Spain passed emergency measures that will channel some 2.6 billion euros ($2.8 billion) from energy companies to households over six months.

It said Italy's government has implemented a 25 percent levy on producers and sellers of electricity, natural gas and petrol products to help consumers and business cope with surging energy costs.

The United Kingdom treasury last week promised a 25 percent tax on fuel producers' profits that it says will help fund a 15 billion pound ($18.9 billion) package of support for struggling households.

Profits from Norway's state owned oil and gas companies are funneled into the nation's massive sovereign wealth fund, which is the world's largest, said AP.

But its government has stated that it has already "contributed substantial support to Ukraine "and it has said that it has no intentions to divert these extra earnings elsewhere.

Some Norwegians say their government can do more to help neighboring countries end their dependence on Russian energy.

Berit Lindeman, policy director of human rights group the Norwegian Helsinki Committee, told AP that the Polish prime minister's comments carried "some merits", adding that "it looks really ugly when we know the incomes have skyrocketed this year".

Since the conflict in Ukraine started, Russia has stopped natural gas supplies to Bulgaria, Finland and Poland after these countries declined Russia's request to pay in rubles currency.

Speaking at a Eurasian Economic Union business conference last week, Russia's President Vladimir Putin shrugged off the impact of sanctions imposed by the West on Russia as a consequence of the conflict.