Norway is often seen as a European model for the green transition: electric mobility, almost entirely renewable electricity generation and high environmental standards. At the same time, however, it remains one of Europe’s major oil and gas producers — and has no intention of abandoning that role anytime soon.
Energy Minister Terje Aasland stated that the country will continue the development of deposits in the Barents Sea, even if the European Union persists in its opposition to new drilling in the Arctic. Following the Russian invasion of Ukraine, Norway became Europe’s largest gas supplier, covering approximately 30% of EU and British demand.
The choice is not temporary. The government wants to maintain oil and gas production at around current levels at least until 2035. In May, it even opened 70 additional offshore blocks for hydrocarbon exploration, of which 38 are located in the Barents Sea.
This strategy is in clear conflict with the direction of European climate policy. The 2021 EU Arctic Strategy called for the region’s oil, gas and coal to remain in the ground. This policy is currently under review due to the new geopolitical environment, with the new European position not yet decided.
Norway thus illustrates one of the fundamental paradoxes of the European energy transition: Europe wants to phase out fossil fuels, but still needs countries that invest in their production.
This is also of direct relevance to Greece. Replacing Russian gas with Norwegian or American gas improves supplier diversification, but does not eliminate dependence.
True energy security will come when Europe needs less natural gas, not when it finds more countries willing to sell it to it.
