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Norway to phase out Oil for Development programme

The Norwegian Government has announced plans to phase out a programme that helps partner countries manage their oil and gas resources.

Under the Oil for Development (OfD) programme, which was established in 2005 with an allocation of NOK3 billion (£0.26bn), Norway helped to build competence in the area of petroleum management in more than 30 countries seeking from learn from its experience.

The government has now decided to discontinue the programme by 2024 – apart from in Colombia where it will continue until 2025 – so it can retarget the funds towards climate-friendly projects.

The part of the OfD programme that focuses on capacity building in the areas of mapping, exploration, extraction and production of petroleum resources will not be continued beyond current agreements.

However, other elements of the programme, such as those focusing on environmental and financial management may, when possible and when requested by a partner company, be transferred to other programmes, primarily Tax for Development or Ocean for Development.

International Development Minister Dag-Inge Ulstein said: The Oil for Development programme has been an important part of our development co-operation with many countries for 16 years. But now the world is undergoing a process of transformation and more climate finance is needed.

“That is why we have decided to phase out the Oil for Development programme by 2024 and give priority to funding greener activities.”

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