Oil-Rich Norway Welcomes EU Decision to Drop Arctic Drilling Ban

Norway, Western Europe's largest oil producer, has expressed its approval of the European Union's new Arctic strategy, which effectively drops an international ban on new oil and gas drilling in the Arctic.

Terje Aasland, Norway's Minister of Energy, told Bloomberg on the 22nd (local time), "We welcome the fact that the discussion on a moratorium on oil and gas production in the Arctic region has disappeared," adding that "(energy) production in northern Norway will become increasingly important going forward."

Previously, in its new Arctic strategy unveiled on the 20th, the EU urged that all fossil fuels remain underground and stated that it would prioritize renewable energy and hydrocarbons produced outside the Arctic circle. However, it deleted the controversial term "moratorium," which called for an international ban on new resource drilling in the Arctic.

Bloomberg noted that this outcome is interpreted as the result of Norway's intensive lobbying efforts, given that Oslo had strongly pressured the EU to scrap the ban on new oil and gas extraction in the Arctic ahead of the release of the EU's revised Arctic strategy.

As Western Europe's largest oil and gas exporter, Norway has actively pursued new explorations in the Arctic circle as existing oil and gas fields located on its continental shelf enter the depletion stage.

Last year, Norway granted five oil and gas exploration licenses in the Barents Sea, which is part of the Arctic circle, and initiated the application process for an additional 38 blocks this year.

Norway has persuaded the EU of the viability of Arctic drilling by emphasizing that the country serves as an alternative to cope with energy supply disruptions originating from the Middle East due to potential blockades of the Strait of Hormuz.

(Photo: Getty Images)
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