Norway Has Become The Main Supplier Of Energy Resources For Europe

The country is operating at the limits of its production capacity.

Norway is positioning itself as one of Europe's main energy partners amid rising geopolitical tensions and disruptions in global oil and gas markets, writes Politico (translated by the website Charter97.org).

Norwegian Prime Minister Jonas Gahr Støre said the widening conflict in the Middle East and U.S. and Israeli attacks on Iran are increasing instability in energy markets and confirming the need for reliable suppliers for Europe. He said Norway must remain a stable partner in an unpredictable situation.

After Russia's full-scale invasion of Ukraine, Norway became the largest supplier of pipeline gas to Europe, replacing much of the supply from Russia. The head of Norwegian oil and gas company Equinor Anders Opedahl noted that all gas produced in the country is supplied to Europe, as well as about 90-95% of the oil produced.

The authorities recognize that it will not be possible to quickly increase production. Norwegian Energy Minister Terje Ausland said the country is already operating at almost maximum production capacity. To increase supplies, new exploration work and additional investments will be required.

At the same time, Norway opposes the European Union's initiatives to limit oil and gas production in the Arctic. Brussels is considering the possibility of an international moratorium on the development of Arctic deposits, but the Norwegian authorities and industry representatives consider such measures premature.

Oslo emphasizes that the development of Arctic resources is already helping Europe to reduce its dependence on Russian energy resources. In particular, oil from the Johan Kastberg field in the Barents Sea is supplied to the European market.

In general, Norway provides about a third of gas imports to the European Union. The country's authorities note that fossil fuels will play an important role in Europe's energy sector for a long time to come, despite the development of renewable energy sources.

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