Norway is resuming development of Arctic oil and gas fields to become a key energy supplier to the EU.

Norway’s largest oil and gas companies plan to continue exploring new oil and gas fields this year to stabilize the energy crises created by Russian aggression against Ukraine. This guarantees the country’s future as a key supplier of energy resources to Europe, reported Bloomberg.

It is noted that the Barents Sea contains more than 60% of Norway’s unexplored hydrocarbon resources, so it has long been considered the future of the country’s oil and gas industry.

Following Russia’s full-scale invasion of Ukraine, Norway has become Europe’s largest natural gas supplier. Currently, it is already producing oil and gas from two fields in the Barents Sea – Goliath and Snohvita.

This year, the Norwegian government plans to offer licenses for exploration work at 92 sites, 78 in the Barents Sea.