Norway, western Europe’s largest petroleum producer and the EU’s biggest gas supplier, is doubling down on oil and gas despite Europe’s green energy push. The ONS energy conference in Stavanger highlighted industry urgency amid declining production and shifting customer demand. Norway’s $2.3tn sovereign wealth fund was built on oil and gas wealth.

Former senior policymakers argue the country should continue profiting from hydrocarbons. Equinor, Aker BP, and Vår Energi plan to explore frontier areas for higher-impact finds. Aker BP’s CEO Karl Johnny Hersvik described the effort as "a little drill, baby, drill.

But controlled." Progress Party leader Sylvi Listhaug echoed this sentiment. The government sought to overturn court rulings blocking three oilfield permits over environmental concerns. Unions and employers joined the energy trade association to push exploration near the Lofoten peninsula to offset a projected two-thirds production decline by 2050.

Listhaug and energy firms want to extend field lifetimes beyond 2050, opposing net-zero timelines. Norway abandoned its "green battery" aspirations as domestic power prices rise due to data centres and factories consuming surplus hydropower. Energy Minister Terje Aasland confirmed the shift, emphasizing Arctic drilling as ice-free and lower risk.