European Commission may retain moratorium on Arctic drilling — OilPrice
In Brussels, Belgium, the European Commission is expected to retain the current moratorium on oil and gas drilling in the Arctic, despite Norway’s months-long campaign to have it lifted. OilPrice reported this, citing Euronews, which received a comment from a European Commission spokesperson.
Strategy for the northern neighborhood
The European Commission plans to present an updated strategy for the northern neighborhood on October 20. According to its spokesperson, the document is expected to preserve the EU’s current approach to the moratorium on drilling in Arctic waters.
The EU moratorium was introduced in 2021 due to the bloc’s climate commitments and environmental considerations. According to OilPrice, it does not allow drilling in the northern part of Norway’s Barents Sea, where most of Norway’s untapped oil and gas resources are estimated to be concentrated.
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Norway’s position
Norway is not an EU member, but remains a close ally of the bloc. The country is the largest oil and gas producer in Western Europe and, after Russia reduced pipeline supplies following its invasion of Ukraine, the largest gas supplier to Europe.
For several months, Norway has been seeking to persuade the EU to abandon its objections to Arctic drilling. International Energy Agency Executive Director Fatih Birol also said this summer that the EU should lift the moratorium, as it is of great importance for Europe’s energy security.
Last month, Norway’s Energy Minister Terje Aasland told Reuters that the country would continue oil and gas exploration in its Arctic waters of the Barents Sea regardless of the EU’s position. At the same time, a European Commission spokesperson told Euronews that the approach to the moratorium would not change: the bloc’s policy is aimed at combating climate change and environmental degradation and supporting sustainable economic development.
