Key facts
- EU will not drill in the Arctic or buy Arctic hydrocarbons.
- EU's Arctic strategy updated this week.
- Norway plans to develop its Arctic oil and gas resources.
The European Union has released an updated Arctic strategy that explicitly excludes oil and gas produced in the region, despite current global energy market pressures. The bloc stated it will "not drill in the Arctic, and we will not buy hydrocarbons from the Arctic," a position reiterated by a senior EU official. This comes as the EU faces a severe fuel crisis and high gas prices ahead of winter.
While the EU has limited geographical presence in the Arctic, with only Sweden and Finland having territories within the Arctic Circle, the strategy focuses on security, including plans for a Maritime Security Hub to monitor subsea cables. Norway, which has significant Arctic oil and gas resources, indicated it would continue developing these, with its energy minister welcoming the EU's removal of the word "moratorium" from its strategy, suggesting Norway would sell to global buyers.