Norway to continue Arctic drilling despite EU stance
Norway's Minister of Energy stated that the country will continue exploration work in the Arctic despite criticism from the European Union.
Tunzale Melikova1 min read
Norway will continue to develop its oil and gas resources in the Barents Sea regardless of the European Union's support for a moratorium on hydrocarbon supplies from the Arctic, and no longer views itself as Europe's "green battery". This was stated by Norwegian Minister of Energy Terje Aasland.
Following the events of 2022, Norway became the largest supplier of natural gas to Europe, covering around 30% of gas demand in both the European Union and the United Kingdom. Last year, gas production in the country reached record levels, while oil production hit its highest point since 2009. However, official forecasts show a sharp decline in output after 2030 unless new fields are discovered and developed.
In today's geopolitical environment and resource situation, I believe that continuing operations in the Barents Sea serves the interests of both Norway and Europe.
Currently, the European Union supports a ban on new drilling in the Arctic on environmental grounds, but is considering revising its policy due to energy security concerns. Anders Opedal, Chief Executive Officer of Equinor, noted that oil and liquefied natural gas from the Barents Sea could be shipped anywhere in the world if the EU rejects them.
The only thing that will suffer from this is European security. We have flexibility.
Source: report.az
