Oil & Gas

The European Union is expected to make a final decision in October on whether to ban new oil and gas exploration in the Arctic. The decision comes as the EU faces an energy crisis and reviews its 2021 Arctic strategy.

The Arctic has become increasingly important because of its oil, gas, and critical raw materials. Russia and China have expanded their activities in the region, while the United States’ interest in Greenland has also increased European concerns about Arctic security.

The EU’s revised strategy is expected to place greater emphasis on defence, energy security, and the region’s economic potential. However, the approach may face concerns from Indigenous communities and environmental groups.