The European Commission and Norway have agreed to step up co-operation to ensure additional gas supplies from the Scandinavian nation to the EU in the short and long term.
It is part of their efforts to increase energy independence and work towards reducing energy prices in the EU and Norway, while cutting greenhouse gas emissions by 2030 and improve Europe’s resilience to the negative consequences of Russia’s invasion of Ukraine and of climate change.
Norway is the biggest producer of oil and gas in Europe, delivering around one-fourth of EU countries’ gas consumption and significantly contributing to European energy security.
The European energy market is the main export market for the Norwegian oil and gas sector.
The EU and Norway have recognised the latter country has significant remaining oil and gas resources and can, through continued exploration, new discoveries and field developments, continue to be a large supplier to Europe in the longer term beyond 2030.
The EU and Norway intend to address the issue of high energy prices and also develop long term co-operation on offshore renewable energy, hydrogen, carbon capture and storage (CCS) and energy research and development.