This week, as the Energy World meets in Norway for ONS every two years, Norway says it plans to keep developing oil and gas resources in the Arctic regardless of the European Union’s position on new drilling. Energy Minister Terje Aasland argues that continued activity in the Barents Sea is important not only for Norway’s economy, but also for European energy security.

We unpack the growing tension between energy security and climate policy as Norway doubles down on Arctic oil and gas exploration.

Since Russia’s invasion of Ukraine in 2022 reshaped Europe’s energy landscape, Norway has become Europe’s largest natural-gas supplier, providing roughly 30% of gas demand across the EU and Britain. But Norwegian production is expected to decline significantly after 2030 unless new resources are discovered and developed.

That puts the Barents Sea at the centre of a much bigger debate: Can Europe reduce its dependence on fossil fuels while simultaneously relying on Norway to keep its energy system secure?

Norway’s position highlights a contradiction at the heart of European energy policy. Europe wants to accelerate the transition away from fossil fuels, but the geopolitical upheaval following Russia’s invasion of Ukraine has also increased the strategic importance of reliable energy suppliers such as Norway. The result is a debate that goes far beyond a handful of Arctic drilling projects: How much new fossil-fuel infrastructure should Europe support today to guarantee energy security tomorrow and how does it avoid locking itself into assets it may no longer need?

About The Host

Host Alex Wolfe has over 20 years of experience in the energy industry, including previously serving as Commercial Director at Certas Energy and Director of the South, with responsibility for 900 fuel HGVs. In addition, he has led M&A activity, ran Hollies Truck Stop, and was a Director of the 5th largest fuel company in the UK. Currently, Alex not only hosts the Wolfe Power Club Podcast but also chairs The Spectator Energy Summit.

Season Three is in Partnership with The Spectator

Tickets for the upcoming The Spectator Energy Summit, on Monday 30th November 2026, are available on sale. Use code: WPC50 for 50% off your purchase

If you would like to partner with The Spectator Energy Summit, please contact Alex on LinkedIn or emilia@wolfepowerclub.com

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This episode was produced at Studio 55