Oil Giants Push EU to Reconsider Arctic Drilling Ban
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Oil and gas companies, including Norway’s Equinor and industry groups backed by Shell, TotalEnergies and ConocoPhillips, are urging the EU to reconsider its position on restricting Arctic drilling.
More than 10 companies and associations argued that continued access to Arctic hydrocarbons is essential for energy security, with one group stating: “There is no European energy security without Arctic energy.”
The lobbying push comes as the EU reviews its Arctic strategy, which previously included support for an international move towards limiting new oil and gas exploration in the region.
Industry representatives warned that restricting production could undermine energy security and increase reliance on higher-emission imports.
However, critics say the renewed push risks reversing climate commitments and represents an attempt to take advantage of geopolitical instability to expand fossil fuel development in a fragile region.
The Arctic is believed to hold significant untapped oil and gas reserves, but development remains controversial due to environmental risks and climate impacts.
The EU is expected to continue reviewing its Arctic policy ahead of an EU-Arctic forum later this year.
