Oil & Gas

The European Commission will maintain its ban on new oil and gas drilling in the Arctic in its revised Arctic strategy, despite strong pressure from Norway, a major energy supplier to the EU. The updated strategy is expected to be announced on 20 October.

The Commission says its position on the moratorium remains unchanged because new Arctic fossil fuel development conflicts with its climate and environmental objectives. The EU also faces growing strategic concerns in the Arctic, including defense, energy security and climate change.

The policy has received broad support from countries including Germany, Sweden and Finland, while Denmark faces challenges because Greenland, its autonomous territory, controls significant mineral resources and potential oil and gas reserves.