Norway will continue developing its oil and gas resources in the Barents Sea despite European Union support for a moratorium on new Arctic hydrocarbon supplies, Energy Minister Terje Aasland told Reuters.
Aasland said Norway no longer viewed itself as Europe’s “green battery” and argued that continued activity in the Barents Sea served both Norwegian and European interests amid changing security and energy conditions.
“In today's geopolitical and security environment, and given the resource situation, I believe continued activity in the Barents Sea serves both Norwegian and European interests,” Aasland said in a Reuters interview ahead of the ONS energy conference in Stavanger.
Norway became Europe’s largest natural gas supplier after Russia’s 2022 invasion of Ukraine, meeting around 30% of gas demand in the European Union and Britain.
Norwegian gas production was close to record levels last year, while oil output reached its highest level since 2009. Official forecasts show production could decline sharply after 2030 unless new resources are discovered and developed.
The EU currently supports a ban on new Arctic drilling on environmental grounds but is considering changes to its policy amid concerns over energy security.
Anders Opedal, chief executive of Norway’s largest oil company Equinor, said oil and liquefied natural gas from the Barents Sea could be exported to markets outside Europe if the EU rejected the supplies.
“The only thing that will suffer from this is actually European security. We have the flexibility,” Opedal told Reuters on August 24.
Aasland said Norway aimed to keep petroleum production and exports at roughly current levels until at least 2035, with production from the Barents Sea expected to play a key role.
By Sabina Mammadli
