Oslo – In an interview ahead of the ONS energy conference in Stavanger, Norway’s Energy Minister Terje Aasland reaffirmed the nation’s commitment to expand oil and gas production in the Barents Sea, regardless of the European Union’s position on a moratorium for new Arctic drilling.
Energy security drives the decision
Since Russia’s 2022 invasion of Ukraine, Norway has become Europe’s largest supplier of natural gas, providing roughly 30% of the combined demand of the EU and the United Kingdom. Last year, gas output approached record levels and oil production hit its highest point since 2009. Official forecasts, however, indicate a steep decline in output after 2030 unless new fields are brought online.
“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 told Reuters. He added that Norway intends to keep petroleum production and exports at roughly current levels through at least 2035, with the Barents Sea playing a central role.
EU moratorium under review
The European Union currently backs a ban on new Arctic drilling for environmental reasons, though it is weighing a policy shift amid growing concerns about energy security. Aasland argued that the Barents Sea areas slated for development are ice‑free, similar to the North Sea, and therefore present a lower risk of oil spills. He also emphasized the importance of these projects for jobs and settlement in Norway’s northern regions that border Russia.
“We would develop these areas, and then it will be up to the EU whether they should have a moratorium on buying that gas or oil,” Aasland said, underscoring Norway’s sovereign right to exploit its resources even if the EU maintains its opposition.
Global market outlook
According to Aasland, any Arctic oil produced by Norway would be sold on global markets, while liquefied natural gas from Equinor’s Melkoeya plant near Hammerfest would continue to flow worldwide. International Energy Agency Executive Director Fatih Birol has also urged the EU to reconsider its stance, arguing that future supplies will be needed to safeguard energy security.
Norway’s “green battery” narrative evolves
Norway has long marketed itself as Europe’s “green battery,” exporting surplus hydroelectric power via cross‑border cables. Aasland now calls that concept “a flawed idea,” noting that Norway alone cannot balance the European power market. While the country will not build new interconnectors, it remains committed to strong cooperation on the power sector.
He urged European nations to strengthen their own stable power supplies, which have been weakened by coal and nuclear plant closures and a lack of investment in new gas‑fired generation. A more integrated and reliable system, he said, would help lower electricity prices and create greater reciprocity in power flows across the continent.
Critics and timeline concerns
Critics argue that new Arctic projects take many years to become operational and would do little to address Europe’s immediate energy challenges. Nonetheless, Norway’s government maintains that continued development of the Barents Sea is essential for both national prosperity and broader European energy stability.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
