Norway looks to restrict foreign oil owners

Norway is seeking greater leeway to restrict foreign ownership of its offshore fields, a move seen to be potentially targeting a growing Russian interest in its resources.

In proposed changes to industry regulations, the Norwegian government beefed up its possibility to reject non-European entities on grounds of national security from acquiring offshore oil and gas licenses.

“I would interpret this as a wish to establish a safer legal basis to impose restrictions on foreign ownership,” said Ivar Alvik, a law professor at the University of Oslo.