Norway will continue Barents Sea drilling and oil and gas development despite European Union support for restrictions on new Arctic hydrocarbon supplies, Energy Minister Terje Aasland told Reuters.
Aasland said ahead of the ONS energy conference in Stavanger that continued activity in the Arctic region served both Norwegian and European interests because of changing energy and security conditions.
Norway, whose capital is Oslo, became Europe’s largest natural gas supplier after Russia’s invasion of Ukraine in 2022. It now supplies about 30% of gas demand in the European Union and Britain, according to the Reuters report.
Norwegian gas production remained close to record levels last year, while oil output reached its highest level since 2009. Official forecasts cited by Reuters show production could fall sharply after 2030 without additional discoveries and development.
The European Union supports a ban on new Arctic drilling on environmental grounds but is considering changes to its position due to energy security concerns.
Read: Europe Gas Prices May Top €100/MWh, Goldman Says
Equinor Chief Executive Anders Opedal told Reuters on August 24 that Barents Sea oil and liquefied natural gas could be sold outside Europe if the EU declined the supplies.
Aasland said Norway aimed to keep petroleum production and exports around current levels until at least 2035, with Barents Sea resources expected to contribute to that target.
