The head of the IEA urges EU to reconsider its opposition to new Arctic oil exploration

The head of International Energy Agency, urging the EU to reconsider its opposition to oil and gas exploration in the Arctic as Europe strives to secure future energy supplies.

The European Union currently supports an 'ban on new drilling in the Arctic for environmental reasons, but may revise its policy to address concerns over energy security.

The bloc is already under pressure from Norway, whose large landmass and oceans are located in the Arctic, to abandon its support for an Arctic oil and natural gas drilling moratorium.

"I fully support the Commission in examining this issue very closely, as it is of great importance for the European Energy Security," IEA Director Fatih Birol said to reporters on Thursday.

He added that the world needed every drop of oil coming from Norway, calling it a reliable supplier who "would not use energy to be a weapon".

Norway is Europe's largest gas supplier, but it is not an EU member.

The Norwegian gas production will decline by the 2030s due to many old fields. This is unless Equinor makes new discoveries outside of mature areas.

At the same event, Norwegian Finance Minister Jens Stoltenberg said to reporters that the Iran War's impact on energy markets highlighted the need for Norway to maintain its production levels.

Norway, he said, is taking environmental concerns into consideration.

Norway has no business saying no to oil and gas exploration in the Arctic.

By the end of 2027, Europe will phase out its oil and gas imports. It will replace these with a mix of fossil fuels and renewable energy from reliable suppliers. As the Iran War upended the global oil and gas market, energy prices on the continent have risen dramatically this year.

Opponents of?the EU lifting their ban claim that new Arctic fossil fuel development would take over a decade to become operational, making them ineffective to address Europe's energy problems. (Reporting and editing by Susan Fenton; Reporting by Kate Abnett)

(source: Reuters)