Norway is betting on hydrogen and offshore wind for its energy transition but will continue to extract oil and gas until 2050 and beyond, the outgoing centre-right government said as it presented its long-term energy strategy, Report informs, citing Reuters.

Europe’s second-largest oil and gas producer will continue to hold regular licensing rounds, offering exploration acreage to energy firms, the government said.

Norway’s vow to keep producing oil comes as energy firms come under growing investor pressure to shift away from fossil fuels, highlighted by a Dutch court ordering Shell (RDSa.L) to move more aggressively on cutting greenhouse gas emissions.

It also runs counter to an appeal from the world’s top energy body, the International Energy Agency (IEA), to stop investing in new oil and gas projects by next year.

The government anticipates oil and gas extraction, which made Norway one of the world’s wealthiest nations, will naturally decline by 65% by 2050.

“We will facilitate a future-oriented Norwegian oil and gas industry capable of delivering production with low emissions within the framework of our climate policy,” Minister of Petroleum and Energy Tina Bru told a news conference.

Earlier it was reported that oil and gas companies in Norway had increased their investments for 2021. Earlier, the investments amounted to 148.6 billion kroons, but now it is about 166.3 billion kroons (about $18.4 billion).