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 percent 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.
Anders Opedal, CEO of Equinor, Norway's biggest oil firm, said oil and liquefied natural gas (LNG) from the Barents Sea can be shipped anywhere in the world if rejected by the EU.
