Norway plans further development of Arctic drilling amid EU energy concerns
Summary
Norway plans to keep developing oil and gas in the Arctic Barents Sea despite the European Union wanting to stop new fossil fuel projects there. Norway says this work supports both its own interests and Europe's energy needs, especially as Europe depends more on Norwegian gas after Russia’s invasion of Ukraine.Key Facts
- Norway will continue developing oil and gas reserves in the Arctic Barents Sea.
- The EU currently wants to ban new Arctic fossil fuel projects due to environmental concerns.
- The EU is reconsidering this ban because of worries about energy security.
- Norway supplies about 30% of natural gas to the EU and the UK.
- Norway argues the parts of the Barents Sea it uses are ice-free and less risky for oil spills.
- Norway’s Energy Minister says it is up to the EU whether to buy the oil and gas.
- Equinor’s CEO said Norwegian oil and gas can be sold anywhere if the EU rejects it.
- French company Total plans to explore more projects in Norway to increase its energy supply to Europe.
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