Norway Defies EU on Arctic Oil and Gas Drilling

Norway is pushing back against European Union opposition to oil and gas drilling in the Arctic. Energy Minister Terje Aasland told Reuters that his country will continue developing its Barents Sea resources, which meet around 30% of both the EU's and Britain's gas demand.

Last year, Norway's gas production was near record levels, while oil output reached its highest level since 2009. Official forecasts show production falling sharply after 2030 unless new resources are discovered and developed.

Aasland said continued activity in the Barents Sea serves both Norwegian and European interests in today's geopolitical and security environment. Anders Opedal, CEO of Equinor, Norway's largest oil firm, added that oil and liquefied natural gas from the Barents Sea can be shipped anywhere in the world if rejected by the EU.

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