Norway to Continue Oil and Gas Production in the Arctic, Ignoring EU Position

Norway will continue to explore oil and gas resources in the Barents Sea, despite the European Union's environmental stance. The country's Minister of Energy, Terje Aasland, announced this ahead of the ONS energy conference in Stavanger. Following Russia's invasion of Ukraine, Norway has become a major gas supplier for Europe, covering about 30% of the needs of the EU and the UK. Gas production in Norway has reached record levels, while oil volumes are at their highest since 2009. However, forecasts indicate a potential sharp decline after 2030 without new fields. Oslo plans to maintain the level of hydrocarbon production and exports until 2035, with the Barents Sea remaining the main source. Brussels supports a ban on new drilling in the Arctic, but Norway asserts its sovereign right to its resources. Equinor is prepared for any decisions from the EU, and if Arctic raw materials are rejected, liquefied gas and oil will be redirected to other markets. Norway is revising its electricity supply concept, abandoning the idea of being Europe's "green battery," which has led to rising electricity prices. The government has decided not to build new cross-border energy cables to Europe, urging countries to develop their own generation capacities. Gas prices in Europe are nearing highs due to abnormal heat and high consumption.

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