Norway will continue developing its oil and gas resources in the Barents Sea regardless of the European Union's support for a moratorium on Arctic hydrocarbon supplies, and no longer sees itself as
Norway will continue developing its oil and gas resources in the Barents Sea regardless of the European Union's support for a moratorium on Arctic hydrocarbon supplies, and no longer sees itself as Europe's "green battery", Energy Minister Terje Aasland told Reuters.
Following Russia's 2022 invasion of Ukraine, Norway has become Europe's largest supplier of natural gas, meeting around 30% of gas demand of both the European Union and Britain.
Last year, the country's gas production was near record levels, while oil output reached its highest level since 2009. Official forecasts, however, show production falling sharply after 2030 unless new resources are discovered and developed.
"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 said in a Reuters interview ahead of ONS, Norway's biannual energy conference, which begins in Stavanger on Monday.
The European Union currently supports a ban on new drilling in the Arctic on environmental grounds but is considering revising its policy in response to concerns about energy security.
RISK OF STRANDED ASSETS, GREENPEACE SAYS
Aasland's statements show that Norway is disregarding major EU initiatives in renewable energy and grid
Content Original Link:
" target="_blank">
