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Ulviyya Poladova

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Norway intends to continue developing oil and gas resources in the Barents Sea despite the European Union’s backing for a moratorium on new Arctic hydrocarbon projects, Norwegian Energy Minister Terje Aasland told Reuters.

Since the beginning of the war in Ukraine in 2022, Norway has emerged as Europe’s largest natural gas supplier, accounting for roughly 30% of gas consumption in the European Union and the United Kingdom. Norwegian gas output remained close to record levels last year, while oil production reached its highest point since 2009. However, official projections indicate that production could decline significantly after 2030 unless additional fields are discovered and brought into operation.

Aasland argued that maintaining activity in the Barents Sea is in the interests of both Norway and Europe given the current geopolitical climate and energy-resource outlook. He noted that Norway wants to keep oil and gas production and exports broadly at present levels until at least 2035, with the Barents Sea expected to play an important role in achieving that goal.

The European Union currently supports restrictions on new Arctic drilling for environmental reasons, although policymakers are reassessing the approach amid concerns over long-term energy security. Aasland said Norway has been explaining to EU officials that the areas of the Barents Sea available for petroleum development are largely ice-free, similar to conditions in the North Sea. Oslo also argues that petroleum activity supports employment and economic activity in Norway’s northern regions bordering Russia.

According to Aasland, Norway considers the development of these resources a matter of national sovereignty, regardless of the EU’s position on purchasing Arctic oil and gas.

Equinor CEO Anders Opedal similarly said that oil and liquefied natural gas from the Barents Sea could be redirected to international markets if European buyers refused them. Gas could also be exported as LNG through Equinor’s Melkøya facility near Hammerfest, meaning production would not necessarily depend on the European market.

International Energy Agency Executive Director Fatih Birol has also called on the EU to reconsider its opposition to new Arctic oil and gas developments, arguing that additional supplies could eventually contribute to energy security. Opponents, however, maintain that Arctic projects would take years to become operational and therefore would have limited impact on Europe’s immediate energy needs.

Norway is also a major producer of renewable electricity, particularly hydropower generated through its extensive network of reservoirs and waterways. Surplus electricity has traditionally been exported to other European countries through cross-border interconnectors.