Arctic Oil Drilling Plans Revived in Norway as Priorities Change
- Russia’s invasion of Ukraine spurred search for new resources
- Norway wants to secure position as Europe’s top gas supplier
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Norway’s biggest oil and gas companies are reviving exploration plans in Arctic waters, as the government agitates for fresh discoveries in the Barents Sea to secure the country’s future as a key energy supplier to Europe.
Estimated to hold more than 60% of Norway’s undiscovered hydrocarbon resources, the Barents Sea has long been seen as the future of the country’s oil and gas industry. But exploration successes have been few and far between and the lack of infrastructure has made development difficult.