Opening Speech ONS 2024

Prime Minister,
Excellencies,
Ladies and gentlemen,

Congratulations to Offshore Northern Season its 50thanniversary!Let'stake a brief look at where we were back then - in 1974.

The first ONS conference was held here in Stavanger with 310 companies representing14 countries. I was one year old at the time - and my father, age 37, was here to open it.

Today, more than 1000 exhibitors from 95 countries have found their way to the Norwegian west coast for these days in August. That is impressive.

In 1973, war in the Middle East had triggered a global oil crisis - a severe backdrop to the first conference.

Today, we'reall aware of the tragedy which is once again taking place in the Middle East. And Russia's war on Ukraine has destabilised the global energy market.

In 1974, too, there were protesters outside the conference building. That has been the case every year, andremainsthe same today. A sign of a well functioningdemocracy with freedom of speech.

We can all agree that some things have changed dramatically over this half a century - while others are stunningly similar.

We have witnesseda remarkable development over these years. But today, we are faced with knowledge and scientific findings calling for significant change:

We know today what few knew - or cared to consider - back in the 1970s: that climate change is driven by the combustion of fossil fuels.

We have the science. We know what needs to be done. But the shift to renewable energy is not happening fast enough. The next chapter of our offshore adventure will not - and cannot - look like the one we just closed.

Looking back, we can appreciate what has been made possible through a combination of visionary political leadership and advanced industrial innovation.

Decisions were made in those early days to ensure that Norwegian companies and workers would benefitfrom the discovery of Ekofisk in 1969. What followed was the evolution of a world-leading industry cluster based here in Western Norway.

This transformed Norway as a country. Just like the discovery of oil and gas has transformed other countries around the world, represented by many of you who here today.

The development of the oil and gas industry has proven what we can achieve when we set clear goals and work together. When we combine our will, and brain power and our resources.

As we reinvent the energy sector, good leadership is more important than ever. It must be based on the understanding that the future energy industry will not be as profitable as the one we have seen over the past 50 years. At the same time we know that we can not afford to fail in the green transition. Costs and benefits must strike a balance between social, economic, and environmental outcomes - in the world as a whole.

It will certainly be worth the efforts. For survival. For quality of life. For our common home - this planet - where we want children to grow up, be healthy and live happily.

This does not mean that our story ends here.

We have seen through history how new industries learn from existing industries: Shipping learned from fishery. Oil and gas learned from shipping. And offshore wind, CPS and hydrogen can learn from oil and gas.

This isa new chapter in the story about how humans have produced and used energy.

And we have towrite that chapter together as a global community.

No one single person, company or country has all the answers. I certainly do not.But together we can find the right path forward. And everyone in this room is uniquely situated to contribute in a substatial way. To find new, greener and better solutions. -

Our common future depends on dedicated individuals, of leadership and of cooperation - nationally and globally.

Finally, I would like to acknowledge all the hard-working people in the oil industry who have contributed to Norwegian welfare over half a century.

Over the last 50 years you have developed new skills, used your knowledge and shown great courage.

Some of you have sacrificed your health, securityand time with your families.

Across the broad spectrum of this industry, the industrial worker on the ground deserves warm thanks from all of us.

Today, we mark the 50thanniversary of an impressive international meeting place.

A meeting place vibrant with knowledge and experience, with passion and possibility.

It is my hope that ONS can foster ideas - and build willingness to take actionfor the future - that can benefitallofus. History has already proven what we can achieve when we all want it to happen.

We just have towant it hard enough.

Ladies and gentlemen, friends of ONS, with these words I declare ONS2024 open.

Thank you.

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  Crown Prince Haakon opens the 50th Offshore Northern Seas conference in Stavanger. Photo: Silje Katrine Robinson / NTB

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