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Norway says it will keep drilling for Arctic oil and gas
Norway plans to sustain Barents Sea activity to help maintain oil and gas exports at current levels until at least 2035, according to its Energy Minister.
Norway plans to continue exploring for oil and gas in its Arctic waters in the Barents Sea even as the European Union keeps a moratorium on Arctic drilling, Norway’s Energy Minister Terje Aasland told Reuters.
Aasland said continued activity in the Barents Sea would serve both Norwegian and European interests given the current geopolitical and security environment and the region’s resource situation.
Norway is not an EU member but is a close ally and Europe’s single biggest gas supplier, and it is seeking to increase oil and gas supply to meet demand as Europe has had to contend with bans on Russian oil and gas imports during recent energy crises.
The EU’s moratorium, enacted in 2021 over climate commitments and environmental concerns, does not allow drilling in Norway’s northern parts of the Barents Sea, which is estimated to contain most of the remaining Norwegian oil and gas resources. Aasland added that Barents Sea production would be key to meeting Norway’s goal to maintain oil and gas exports at current levels until at least 2035.