Norway intends to continue developing its oil and gas reserves in the Barents Sea – even though the European Union is critical of new fossil fuel projects in the Arctic. Energy Minister Terje Aasland made it clear that Oslo considers the development of Arctic resources to be necessary in the long term.
Norway would like to maintain oil and gas production and exports at a high level until 2035, if possible. Without new discoveries, however, production is likely to decline significantly after 2030. This is why the reserves in the Barents Sea, which have so far only been partially developed, are coming more into focus.
Since the virtual cessation of Russian energy supplies, Norway has become even more important to Europe. The country now covers around 30 per cent of the EU’s and the UK’s gas requirements. For Oslo, the continued exploitation of the Barents Sea is therefore both an economic and a strategic issue.
Oslo makes decisions independently of Brussels
The EU has so far supported a halt to new oil and gas developments in the Arctic on climate and environmental grounds. However, in view of the changed geopolitical situation, this position is being reviewed.
Aasland told Reuters that Norway would decide on its resources independently of the EU’s stance. Should Europe not wish to purchase oil or gas from the Barents Sea, the raw materials could also be sold on other markets.
The Melkøya LNG plant near Hammerfest plays a key role in this. From there, liquefied natural gas can be exported worldwide by ship. Equinor, too, therefore sees considerable potential in the far north.
Critics, on the other hand, warn of the consequences of additional fossil fuel projects for the climate and sensitive Arctic ecosystems. Furthermore, new production fields take many years to reach production readiness.
For Norway, however, the direction seems clear: if the country is to remain one of Europe’s most important energy suppliers in the 2030s, the Barents Sea is likely to become even more important.
Heiner Kubny, PolarJournal