Big Oil's dream of USD 65 billion hidden off Norway is fading away

Norway's two biggest parties have long favored steps that could open up the environmentally sensitive area Lofoten for oil exploration. But many Norwegians are turning their backs on the industry that helped make the country one of the world's richest.

BY MICHAEL HOLTER, BLOOMBERG

Norway's oil industry has been salivating for years over the Arctic Lofoten islands, which could hold billions of barrels of crude. It will likely have to keep dreaming.

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