EU to decide at the last minute on a ban on Arctic drilling exploration

The European Union is approaching a last-minute decision on whether to maintain its opposition to new oil and gas exploration drilling in the Arctic. The European Commission's 27 members are expected to settle the issue at a meeting in October.

Earlier reports suggested that the EU might lift the ban as it revises its Arctic strategy. The energy crisis caused by the closure of the Strait of Hormuz has added pressure to the discussion. The strait is a major route for about 20% of global oil and gas trade.

The Arctic has become increasingly contested because of its oil, gas and critical raw materials, which are important for clean technologies and defense systems. Russia and China are also expanding their activity through the “Ice Silk Road,” linking Asian ports with European hubs.

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the most likely outcome is that the EU's position will remain the same

Germany, Sweden and Finland generally support the Commission's position. Denmark faces a more complicated choice as it balances the EU's green ambitions with the limits imposed by autonomous Greenland, which manages its own substantial mineral resources. Germany previously backed a proposed multilateral legal obligation to ban new exploration in the Arctic and surrounding areas, but the strategy remained a non-binding political commitment.

International Energy Agency chief Fatih Birol has urged the EU to reconsider the ban, citing supply-security concerns. Estimates in the report say the US-led war against Iran cost the EU an additional 60 billion euros in imported fossil fuels during its first 100 days. Norway, which has large deposits in the Barents Sea, has also pressed for the ban to be lifted. Still, one EU official said the bloc will probably keep its current position. Because the strategy is not legally binding, the final decision will rest with member states.

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many member states that are not Arctic countries have shown extremely strong interest in the strategy