A student holds a placard during a protest against climate change in front of the Parliament building in Oslo, Norway March 22, 2019. REUTERS/Nerijus Adomaitis
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Then last week the country's biggest political party pulled out the rug from under that certainty in a dramatic policy shift to abandon support for drilling off the Lofoten islands.As calls for action against climate change get stronger, concern is mounting within Norway's biggest industry that the move could open the floodgates and put the country's oil licensing policies and generous exploration tax incentives at risk ahead of the next election in 2021 . Norway, led by Equinor ASA, has been producing oil for almost half a century, but is estimated to have about half its remaining oil and gas still in the ground.Stable and predictable terms have been one of Norway's main selling points in attracting oil companies.The uncertainty alone will deter companies considering a Norway entry, at a time when the biggest international oil companies are already turning away from Norway, according to Rystad.
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