{"id":14643,"date":"2026-04-15T07:52:03","date_gmt":"2026-04-15T07:52:03","guid":{"rendered":"https:\/\/www.europesays.com\/europe\/14643\/"},"modified":"2026-04-15T07:52:03","modified_gmt":"2026-04-15T07:52:03","slug":"europe-is-desperate-for-more-energy-can-norway-come-to-the-rescue","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/europe\/14643\/","title":{"rendered":"Europe Is Desperate for More Energy. Can Norway Come to the Rescue?"},"content":{"rendered":"<p class=\"css-ac37hb evys1bk0\">When Russia invaded Ukraine in 2022, Europe faced a cold winter and a sudden energy crisis, and it turned to Norway as it desperately tried to shift away from its dependency on cheap Russian energy.<\/p>\n<p class=\"css-ac37hb evys1bk0\">Now, the war in Iran has threatened global oil supplies and sent prices soaring. Whether or not the war is resolved quickly, those effects could be lasting.<\/p>\n<p class=\"css-ac37hb evys1bk0\">The crisis has once again exposed Europe\u2019s energy vulnerability and raised the question of whether Norway could expand its role as a dependable and friendly energy source right from within Europe.<\/p>\n<p class=\"css-ac37hb evys1bk0\">It\u2019s not as easy as it may seem.<\/p>\n<p class=\"css-ac37hb evys1bk0\">First, the Norwegians say that to boost production they would need to drill more in the Arctic, an area vulnerable to climate change.<\/p>\n<p class=\"css-ac37hb evys1bk0\">And second, there\u2019s brewing discomfort in Norway, which has built an image as an international peacemaker, with continuing to profit from war.<\/p>\n<p>A Fragile Frontier<\/p>\n<p class=\"css-ac37hb evys1bk0\">Norway is the biggest oil producer by far in Western Europe and exports 95 percent of its oil and nearly all of its gas to the European Union and Britain.<\/p>\n<p class=\"css-ac37hb evys1bk0\">At the moment, Europe gets 30 percent of its oil from Norway.<\/p>\n<p class=\"css-ac37hb evys1bk0\">Its output of two million barrels a day of oil can\u2019t compete with the likes of Russia, Saudi Arabia or the United States, and it ranks 12th globally as an oil producer.<\/p>\n<p class=\"css-ac37hb evys1bk0\">But it has other things going for it.<\/p>\n<p class=\"css-ac37hb evys1bk0\">\u201cOur product is not oil and gas,\u201d said Snorre Skjevrak, a state secretary in Norway\u2019s energy ministry, but \u201cstability, reliability and a long-term perspective.\u201d<\/p>\n<p class=\"css-ac37hb evys1bk0\">Norway\u2019s rigs are already pumping at maximum capacity. Norway\u2019s oil companies want to expand operations in the Arctic, where most of its supplies are located.<\/p>\n<p class=\"css-ac37hb evys1bk0\">But environmental groups worry about drilling in a region that has been made increasingly fragile by climate change.<\/p>\n<p class=\"css-ac37hb evys1bk0\">They also worry about the risks of an accident in one of the most pristine and hardest-to-reach stretches of the planet.<\/p>\n<p class=\"css-ac37hb evys1bk0\">The government, which owns a majority stake in Norway\u2019s largest company, says exploration is environmentally sound.<\/p>\n<p class=\"css-ac37hb evys1bk0\">\u201cWhat you call the Arctic, we call Norway,\u201d Mr. Skjevrak said. \u201cIt\u2019s not some distant place for us.\u201d<\/p>\n<p>The Norwegian Paradox<\/p>\n<p class=\"css-ac37hb evys1bk0\">For many Norwegians, the perception of profiting from the war does not sit well with the nation\u2019s image of itself as international peace broker and home of the Nobel Peace Prize.<\/p>\n<p class=\"css-ac37hb evys1bk0\">Norway has made an extra $5 billion since the war in Iran broke out in February, and economists expect it will make even more. In Oslo, the stock market <a class=\"css-yywogo\" href=\"https:\/\/www.nrk.no\/nyheter\/oslo-bors-endte-opp-2_8-prosent-_-ny-rekord-1.17831035\" title=\"\" rel=\"noopener noreferrer nofollow\" target=\"_blank\">hit a record high<\/a> as oil prices spiked and shares in Norwegian oil companies soared.<\/p>\n<p class=\"css-ac37hb evys1bk0\">\u201cIt\u2019s the best Q1 since 1989 for Norway,\u201d said Robert Naess, director of investments at Nordea, a Nordic bank.<\/p>\n<p class=\"css-ac37hb evys1bk0\">Norway is now making $185 million (or 1.8 billion Norwegian kroner) a day in excess revenue from oil and gas, Mr. Naess said. If the instability in the Persian Gulf continues, Norway could make another $6 billion, he estimated.<\/p>\n<p class=\"css-ac37hb evys1bk0\">In 2024, two years into the war in Ukraine, the Norwegian government announced that the country\u2019s energy industry had made more than $100 million in extra revenue.<\/p>\n<p class=\"css-ac37hb evys1bk0\">The government revealed those numbers only after the opposition Green Party demanded transparency. The backlash was instant.<\/p>\n<p class=\"css-ac37hb evys1bk0\">\u201cWe took quite a P.R. hit when the war in Ukraine started,\u201d said Cecilie Langum Becker, who writes an economics column for Norway\u2019s national media outlet, NRK.<\/p>\n<p class=\"css-ac37hb evys1bk0\">This time around, Norway\u2019s leaders tried to head off any criticism. Jens Stoltenberg, Norway\u2019s finance minister and a former NATO chief, told Norwegians that while they had to accept the \u201cparadox\u201d of vast fortunes being made during a war, Norway was still \u201cbest served by peace.\u201d<\/p>\n<p class=\"css-ac37hb evys1bk0\">But that has not been enough to stave off moral questions.<\/p>\n<p class=\"css-ac37hb evys1bk0\">\u201cThe brutal reality is when the world burns, the money flows into our state budget,\u201d Ms. Langum Becker said.<\/p>\n<p>An Alluring Alternative<\/p>\n<p class=\"css-ac37hb evys1bk0\">Norway doesn\u2019t need its own oil because 98 percent of its electricity is from renewable energy, and it is one of the world\u2019s leading adopters of electric vehicles.<\/p>\n<p class=\"css-ac37hb evys1bk0\">But it does want to keep selling oil for as long as it can.<\/p>\n<p class=\"css-ac37hb evys1bk0\">Production on the Norwegian shelf will naturally decline by the 2030s, so Norway has said it will keep exploring new options.<\/p>\n<p class=\"css-ac37hb evys1bk0\">In March, Equinor, Norway\u2019s largest oil company, said it had begun drilling for natural gas off the coast of Brazil. Last year, Equinor announced that its northernmost rigs in the Arctic Circle <a class=\"css-yywogo\" href=\"https:\/\/www.equinor.com\/energy\/johan-castberg\" title=\"\" rel=\"noopener noreferrer nofollow\" target=\"_blank\">began producing oil<\/a>.<\/p>\n<p class=\"css-ac37hb evys1bk0\">Despite the hand-wringing over war-driven profits, Norwegian public opinion about its oil industry is beginning to shift. It\u2019s no longer seen as embarrassing to work in the industry, Ms. Langum Becker said. Just a few years ago, energy executives, under pressure from their children, were quitting their jobs.<\/p>\n<p class=\"css-ac37hb evys1bk0\">Analysts say the war in Iran is changing perceptions, too. \u201cWhatever direction\u201d the conflict goes, said Guillaume Delaby, who heads global oil services at Bernstein, an advisory group, \u201cit is probably likely that the Middle East may not be seen as a safe oil market.\u201d And Norway will remain an alluring alternative.<\/p>\n<p class=\"css-1n7yjps etfikam0\">Henrik Pryser Libell contributed reporting from Oslo, and Jeffrey Gettleman from London.<\/p>\n","protected":false},"excerpt":{"rendered":"When Russia invaded Ukraine in 2022, Europe faced a cold winter and a sudden energy crisis, and it&hellip;\n","protected":false},"author":2,"featured_media":14644,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[11268,11270,2970,39,4,40,3550,2565,303,11272,30,1417,11267,119,11266,10738,11269,11271],"class_list":{"0":"post-14643","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-eu","8":"tag-arctic-regions","9":"tag-energy-and-power","10":"tag-equinor-asa","11":"tag-eu","12":"tag-europe","13":"tag-european-union","14":"tag-global-warming","15":"tag-international-relations","16":"tag-iran","17":"tag-jens","18":"tag-middle-east","19":"tag-natural-gas","20":"tag-nordea-bank-ab","21":"tag-norway","22":"tag-offshore-drilling-and-exploration","23":"tag-oil-petroleum-and-gasoline","24":"tag-politics-and-government","25":"tag-stoltenberg"},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/europe\/wp-json\/wp\/v2\/posts\/14643","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/europe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/europe\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/europe\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/europe\/wp-json\/wp\/v2\/comments?post=14643"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/europe\/wp-json\/wp\/v2\/posts\/14643\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/europe\/wp-json\/wp\/v2\/media\/14644"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/europe\/wp-json\/wp\/v2\/media?parent=14643"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/europe\/wp-json\/wp\/v2\/categories?post=14643"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/europe\/wp-json\/wp\/v2\/tags?post=14643"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}