Norwegian Energy Minister Terje Aasland announced on August 24 that Norway will proceed with oil and gas drilling in the Barents Sea, despite the European Union’s ongoing review of its 2021 moratorium on new Arctic hydrocarbon projects. Norway’s petroleum strategy aims to maintain stable production levels through at least 2035, with the Barents Sea central to offsetting the projected decline after 2030. The country currently supplies approximately 30% of the natural gas consumed by both the EU and the UK, and its oil output reached its highest level since 2009 in 2025. Even the International Energy Agency’s Executive Director, Fatih Birol, has advocated for reconsidering the moratorium on energy security grounds. Equinor and other companies operating on the Norwegian continental shelf benefit from reduced political risk as a result of this government commitment.
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