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A summary: "Norway produces oil and exports it. When you drive your car, that's really NORWAY's pollution."
This is one of the most contentious topics in Norwegian politics.

The main arguments on the pro-side is that continued oil extraction is profitable (meaning more jobs and larger government budgets) and that Norwegian oil production is less taxing on the climate than the competition (article claims 55 kg co2 per ton vs global average of 130 kg).

On the contra-side you have climate activists arguing that we should stop, or at least decrease, oil production in order to help combat climate change. You also have the fish lobby arguing that starting oil extraction in these locations could be detrimental to the local fish populations. Lofoten in particular is famous for its Skrei cod.

To summarise the political climate (the % is based on quite old numbers, from February this year):

Rødt (Communist Party ~2,9%): Against SV (Socialists, Climate minded ~8,6%): Against AP (Labour ~22,4%): For SP (Farmers, Nationalists ~11,2%): For MDG (Green party, Climate minded ~3,7%): Against Venstre (Liberal party, Climate minded ~3,8%): Against KrF (Christian party ~3,9%): Against Høyre (Conservative party ~28,9%): For FrP (Far right ~13,1%): For

Note that this issue is more important to the small climate oriented parties than it is to the larger parties. Thus the large parties will often use this as a bargaining chip when they need the support of the smaller parties.

My personal impression is that most people in the cities are against, while people working within the petroleum industry and outside the cities are for or neutral.