Key facts
- Norway is campaigning for the EU to drop its ban on Arctic drilling.
- Norway argues its Arctic oil and gas resources are key to EU energy security.
- Prime Minister Jonas Gahr Støre believes the EU's moratorium is not informed.
- The EU's 2021 ban prohibits drilling in the northern Barents Sea.
- Scandinavian financial institutions have urged the EU to remain firm against Arctic drilling.
Norway is intensifying its efforts to persuade the European Union to lift its ban on Arctic drilling, positioning its High North oil and gas resources as a critical component of European energy security. Prime Minister Jonas Gahr Støre argued that these resources offer a more reliable alternative to LNG supplies from the Middle East or the United States, especially in light of global conflicts and supply disruptions.
Støre stated that the EU's current moratorium on Arctic drilling, enacted in 2021 due to climate and environmental concerns, is not based on informed or updated knowledge. The ban specifically prohibits drilling in the northern parts of Norway's Barents Sea, which is believed to hold significant remaining oil and gas reserves. Norway has long contended that an arbitrary line should not dictate resource exploration.