Norway Defies EU Moratorium on Arctic Oil Drilling

Norway's Energy Minister Terje Aasland has stated that his country will continue to develop its oil and gas resources in the Barents Sea, despite EU opposition to Arctic hydrocarbon supplies. The minister believes that continued activity in the region serves both Norwegian and European interests.

Following Russia's 2022 invasion of Ukraine, Norway became Europe's largest supplier of natural gas, meeting around 30% of gas demand from the European Union and Britain. Last year, the country's gas production was near record levels, while oil output reached its highest level since 2009.

Aasland said that official forecasts show production falling sharply after 2030 unless new resources are discovered and developed. He believes that Norway can maintain petroleum production and exports at roughly current levels until at least 2035, with Barents Sea production being key to this goal.

The EU currently supports a ban on new drilling in the Arctic on environmental grounds but is considering revising its policy due to concerns about energy security. Aasland argued that Norway's arguments are being heard in Brussels and that it was his country's sovereign right to develop the Barents Sea resources, even if the EU continued to support a moratorium.