Norway’s Minister of Energy Terje Aasland told Reuters that his country will keep developing oil and gas in the Barents Sea irrespective of a European Union (EU) ban on Arctic drilling.
“In today’s geopolitical and security environment… I believe continued activity in the Barents Sea serves both Norwegian and European interests,” said Aasland.
Although not an EU member, Norway is a close ally and Europe’s largest gas supplier, meeting about 30% of the demand across the European Union and Britain. Last year Norwegian gas output ran near record levels, and oil production hit its highest mark since 2009.
Without new fields, however, official projections show output dropping sharply after 2030. But Aasland intends to hold production and exports near current levels until at least 2035, and he has said that the Arctic is important to Norway remaining a long-term supplier.
The EU currently backs a ban on new Arctic drilling on environmental grounds, while buying the gas that keeps its factories running. Anders Opedal, CEO of Norwegian multinational energy company Equinor, has said that producers of Barents oil and natural gas will find buyers somewhere else if Europe refuses to buy.
Even Fatih Birol, head of the International Energy Agency (IEA) and a promoter of transitioning away from fossil fuels, has urged the EU to reconsider its opposition to Arctic development for the sake of energy security.
Europe has already suffered economic damage from its “green” pretense. The IEA reports that EU electricity prices for energy-intensive industry averaged more than double American levels in 2025 and were nearly 50% above China’s. A 2024 report on European competitiveness warned that such costs are hollowing out manufacturing.
Here is where the story stops being about the Arctic and becomes about everyone else.
Norway is not a struggling petro-state rationalizing a bad habit. It is among the richest societies ever built, with per capita gross domestic product above $105,000 and a sovereign wealth fund that crossed $2.39 trillion in June. Five and a half million people have converted seabed hydrocarbons into universal healthcare, free universities, and pensions for grandchildren not yet born.
If Norway considers oil and gas indispensable to its economic position, it is unreasonable to demand that poorer countries abandon their own resources. This matters enormously for Africa, South Asia, and other rapidly developing regions. For many African households, unreliable energy can be catastrophic.
Delay of fossil fuel projects costs in ways spreadsheets miss. A gas project blocked by climate posturing means that engineering teams disband, drilling rigs go elsewhere, borrowing costs rise, and the fertilizer plant that would have used the hydrocarbon feedstock never gets built. A decade of compounding benefits is lost to a national balance sheet.
Western proponents of climate orthodoxy declare immoral the ladder their societies climbed to unprecedented prosperity. Every advanced economy industrialized with coal, oil, and gas. Norway is still doing it with a $2 trillion cushion. Norwegian leaders recognize oil and gas are critical to their nation’s future, unlike their counterparts in the EU, Canada, and Australia.
Hellbound and Down 