Norway to keep drilling in Barents Sea despite EU Arctic moratorium
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Norway will continue developing oil and gas resources in the Barents Sea regardless of the European Union's support for a moratorium on Arctic hydrocarbon supplies, Energy Minister Terje Aasland told Reuters. The country aims to maintain petroleum production and exports at roughly current levels until at least 2035, with Barents Sea output key to that goal. Equinor CEO Anders Opedal said oil and LNG from the Barents Sea can be shipped anywhere in the world if rejected by the EU.
Key Facts
- Norway is Europe's largest natural gas supplier, meeting around 30% of gas demand of both the European Union and Britain.
- The EU's moratorium on Arctic drilling was enacted in 2021 due to climate commitments and environmental concerns.
- Norway aims to maintain petroleum production and exports at roughly current levels until at least 2035.
- Equinor CEO Anders Opedal said oil and LNG from the Barents Sea can be shipped anywhere in the world if rejected by the EU.
- The Barents Sea is estimated to contain most of the remaining Norwegian oil and gas resources.
Arctic Drilling Stance
Energy Minister Terje Aasland said Norway will continue developing oil and gas resources in the Barents Sea regardless of the EU's support for a moratorium on Arctic hydrocarbon supplies. He argued that continued activity in the Barents Sea serves both Norwegian and European interests given the geopolitical and security environment. The EU currently supports a ban on new drilling in the Arctic on environmental grounds but is considering revising its policy in response to energy security concerns. Norway has argued that the parts of the Barents Sea opened to petroleum activity are ice-free like the North Sea, making them less prone to oil spills and other environmental impacts.
Production and Export Goals
Norway aims to maintain petroleum production and exports at roughly current levels until at least 2035, with Barents Sea production key to that goal. Official forecasts show production falling sharply after 2030 unless new resources are discovered and developed. Equinor CEO Anders Opedal said oil and LNG from the Barents Sea can be shipped anywhere in the world if rejected by the EU. He added that the only thing that will suffer from this is actually European security, as Equinor has the flexibility to redirect exports.
EU-Norway Energy Relations
Following Russia's 2022 invasion of Ukraine, Norway became Europe's largest supplier of natural gas, meeting around 30% of gas demand of both the European Union and Britain. Last year, Norway's gas production was near record levels, while oil output reached its highest level since 2009. The EU's moratorium on Arctic drilling was enacted in 2021 due to the bloc's climate commitments and environmental concerns. The ban 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.
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Norway to keep drilling in Barents Sea despite EU Arctic moratorium
