Europe To Keep Arctic Ban on Oil & Gas Drilling

Europe is rejecting pressure from Norway to permit oil and gas drilling in the Arctic but Norway is planning to forge ahead regardless.

I n d u s t r i a l I n f o R e s o u rc e s Loading… Get Daily IIR News Intelligence Production Europe is rejecting pressure from Norway to permit oil and gas drilling in the Arctic but Norway is planning to forge ahead regardless.

Written by Martin Lynch, European News Editor for IIR News Intelligence (Sugar Land, Texas) Summary Europe is rejecting pressure from Norway to permit oil and gas drilling in the Arctic, but Norway is planning to forge ahead regardless.

The European Commission (EC) will hold firm on its stance against drilling for oil and gas in the Arctic Ocean despite pressure from Norway and the International Energy Agency (IEA).

The Commission is expected to reveal its updated Arctic strategy on October 20 and is expected to stand by its 2021 position against Arctic oil and gas drilling, mainly in the northern Barents Sea, on climate grounds.

Norway is now the largest supplier of oil and gas to the European Union (EU) following sanctions against Russia, but it is not a member of the EU.

It has been vocal about its intentions to explore in the northern Barents Sea, which forms part of the Norwegian Shelf, and is estimated to hold most of the country's untapped resources.

Today, the country's own domestic policy restricts it to drilling in the southern Barents Sea, but the government is pushing for change.

According to Industrial Info Resources data, there are 33 Barents Sea projects in Norway worth almost US$3 billion in investment.

I n d u s t r i a l I n f o R e s o u rc e s Loading… Get Daily IIR News Intelligence Production Europe is rejecting pressure from Norway to permit oil and gas drilling in the Arctic but Norway is planning to forge ahead regardless.

Written by Martin Lynch, European News Editor for IIR News Intelligence (Sugar Land, Texas) Summary Europe is rejecting pressure from Norway to permit oil and gas drilling in the Arctic, but Norway is planning to forge ahead regardless.

The European Commission (EC) will hold firm on its stance against drilling for oil and gas in the Arctic Ocean despite pressure from Norway and the International Energy Agency (IEA).

The Commission is expected to reveal its updated Arctic strategy on October 20 and is expected to stand by its 2021 position against Arctic oil and gas drilling, mainly in the northern Barents Sea, on climate grounds.

Norway is now the largest supplier of oil and gas to the European Union (EU) following sanctions against Russia, but it is not a member of the EU.

It has been vocal about its intentions to explore in the northern Barents Sea, which forms part of the Norwegian Shelf, and is estimated to hold most of the country's untapped resources.

Today, the country's own domestic policy restricts it to drilling in the southern Barents Sea, but the government is pushing for change.

According to Industrial Info Resources data, there are 33 Barents Sea projects in Norway worth almost US$3 billion in investment.

"Moving forward, our approach on the moratorium will remain unchanged: Our policies have objectives to address climate change and environmental degradation and support sustainable economic development," a Commission spokesperson told Euronews .

The position comes as both Norway and the International Energy Agency (IEA) have called on the Commission to change its stance on the non-binding political stance for the sake of energy security.

Following the spokesperson's statement, Norwegian Energy Minister Terje Aasland told AFP : "Norway decides on its resources, not the EU.

Without Norwegian deliveries, the energy situation in Europe would be far more difficult.