OSLO - Norway's Green Party played a crucial role in the re-election of the Labour-led government on Monday by securing 4.7% of the vote and ensuring Labour and its allies have 87 seats in parliament - two more than needed to hold a majority.

Here is a look at the Greens' main energy policy proposals, their potential impact, and how likely they are to come to pass:

WHAT DO THEY WANT TO DO?

The Greens want to halt new exploration at once and phase out existing petroleum activities by 2040.

At the same time, they say the country must remain a stable natural gas supplier to Europe in the short-term so the phase-out must be gradual and prioritise oil over gas fields.

That is important because Norway has become Europe's largest gas supplier following Russia's invasion of Ukraine in 2022, providing one-third of all gas imports to the European Union. 

Under its proposals, existing fields would be shut down one-by-one, starting with the ones that emit the most greenhouse gases, generate the least income and produce more oil than gas.

The Greens also want to stop investments aimed at increasing production or extending the lifespan of fields already in production, including projects to electrify offshore platforms with power from shore.

HOW WOULD THIS AFFECT THE STATE'S FINANCES?

Norway pools its state revenues from oil and gas production into a $2 trillion sovereign wealth fund - the world's largest - which invests in bonds, equities, property and renewable energy projects abroad.

Under the Greens' proposals, state revenues from petroleum would drop by some 70 billion crowns ($7.0 billion) a year, or 20% of total revenue for the period up to 2050, in a worst-case scenario that excludes any potential positive impact on revenue from emerging industries as part of the energy transition.

HOW LIKELY IS IT TO HAPPEN?

The Green Par...