Norway expands gas exploration licenses to stabilize European supplies

The Norwegian Parliament has decided to issue new licenses for oil and gas exploration in the country's border regions. The initiative was proposed by the opposition Conservative Party and gained support when the opposition Center Party joined them.

The Central Party requested that licensing is postponed until next year. The government of Norway, the largest gas supplier to the EU, will be able to begin preparatory procedures this year. Such a decision will allow the country to slow the projected decline in production after 2030 due to the discovery of new fields. By developing these fields, Norway will ensure a more gradual decline in output in the future, according to Reuters.

The Conservative Party emphasizes the need for continued exploration to ensure Europe's long-term energy supply. The officials state that the EU needs stable volumes of Norwegian fuel to reduce dependence on Russian gas. Last year, gas exports from Norway to Europe reached record levels, Reuters recalls.