Norway disregards EU position: will extract oil and gas in the Arctic

Norway intends to proceed with the exploitation of oil and gas fields in the Barents Sea, a move that runs counter to the European Union's stance favoring a moratorium on Arctic hydrocarbon resources. Norwegian Minister of Petroleum and Energy Terje Aasland stated that continuing operations in the Barents Sea aligns with both Norwegian and European interests, particularly in the current geopolitical and security climate.

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In today’s geopolitical and security environment, and considering the resource situation, I believe that continued activity in the Barents Sea is in the interests of both Norway and Europe.

Since Russia's full-scale invasion of Ukraine in 2022, Norway has become the primary natural gas supplier to Europe, meeting approximately 30% of the EU and United Kingdom's gas demand. In 2025, Norway's gas production is expected to approach record levels, with oil extraction reaching its highest point since 2009. However, official forecasts indicate a substantial decline in production after 2030 unless new fields are discovered and developed.

The Norwegian government aims to sustain its oil production and export volumes at roughly current levels until at least 2035. Minister Aasland emphasized that extraction in the Barents Sea will be particularly vital for achieving this objective. He noted that oil and liquefied natural gas (LNG) from the Barents Sea are globally transportable, suggesting that the EU's decision on whether to purchase these resources would be separate from Norway's development plans.

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We would develop these fields, and then it would be up to the EU whether it imposes a moratorium on the purchase of those gases or oil.

While the EU currently supports an Arctic drilling ban due to environmental concerns, it is reportedly considering a policy review in response to energy security worries. The International Energy Agency's executive director, Fatih Birol, has also urged the EU to reconsider its opposition to new Arctic oil and gas projects, citing future resource needs for energy security. Critics, however, point out that new Arctic projects would take years to become operational and contribute little to solving Europe's short-term energy challenges.

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We would develop these fields, and then it would be up to the EU whether it imposes a moratorium on the purchase of those gases or oil.