Norway Presses Ahead with Barents Sea Drilling Despite EU Moratorium

Norway’s energy minister Terje Aasland announced that the country will continue developing oil and gas resources in the Barents Sea regardless of the European Union’s stance on a moratorium for Arctic hydrocarbon extraction. He framed the move as essential to “both Norwegian and European interests” given the current geopolitical and security environment. The policy aims to keep Norway’s petroleum output and exports at roughly current levels through at least 2035, with Barents Sea production identified as the key driver.

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Since Russia’s 2022 invasion of Ukraine, Norway has become Europe’s largest natural-gas supplier, providing about 30 % of the EU’s and Britain’s gas demand. Production of gas and oil reached near-record levels last year, with oil output at its highest since 2009. Official forecasts, however, project a sharp decline after 2030 unless new Arctic resources are brought online. The EU’s 2021 moratorium on Arctic drilling was introduced to meet climate commitments, but the bloc is now weighing a policy revision amid concerns over energy security.

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Aasland told Reuters ahead of the ONS energy conference that the Barents Sea’s ice-free conditions make it less prone to spills and support jobs in Norway’s northern regions bordering Russia. He added that any EU moratorium would affect only the bloc’s purchasing decisions, not the global market for Norwegian oil and LNG from Equinor’s Melkoeya plant. Equinor CEO Anders Opedal emphasized that flexibility in routing oil and LNG worldwide would mitigate any EU restrictions, though he warned that European security could suffer. The International Energy Agency’s executive director Fatih Birol also urged the EU to reconsider the moratorium, citing the need for reliable supplies outside conflict zones.

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Greenpeace policy advisor Paal Frisvold warned that newly discovered fields risk becoming stranded assets as European gas demand falls sharply, highlighting the environmental and financial risks of continued Arctic drilling.

The Straits Times

• “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,” — Terje Aasland, norway's energy minister

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• “The only thing that will suffer from this is actually European security. We have the flexibility,” — Anders Opedal, CEO of Equinor, Norway's biggest oil firm

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• “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,” — Terje Aasland, norway's energy minister

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