By Heidi Taksdal Skjeseth and Alberto Nardelli
Oct 19, 2026 (Bloomberg) – The European Union seems to be easing its stance against oil and gas production in polar regions. However, it continues to advocate for keeping all fossil fuels underground in its upcoming Arctic strategy.
A draft of this strategy, reviewed by Bloomberg, does not mention a ban on new oil and gas drilling in the Arctic, indicating a change from the EU's previous position in 2021. This wording alteration has been a significant point of discussion between the EU and Norway, which has been actively pushing the EU to drop its climate-related opposition to oil and gas exploration in the north.
Last year, Norway awarded five oil and gas exploration licenses in the Barents Sea, part of the Arctic, and in 2026 opened up 38 new blocks for applications. Norway provided nearly one-third of the EU's gas imports in the previous year, with a small portion coming from these new fields.
The petroleum industry was concerned that the EU would commit to not purchasing oil and gas from Norway’s new Arctic fields. Instead, the draft states that the EU will “prioritize” renewable energy and hydrocarbons sourced outside the Arctic. The European Commission also aims to establish an international agreement to halt further Arctic oil and gas development if such activities threaten the Arctic ecosystem.
In 2021, the EU had committed to ensuring that “oil, coal and gas stay in the ground, including in Arctic regions,” referencing existing moratoriums on hydrocarbon exploration in the Arctic parts of the US, Canada, and Greenland. It pledged to pursue a multilateral legal obligation preventing any further development or purchase of hydrocarbon resources in the Arctic or surrounding areas.
The latest draft also reinforces the EU’s commitment to keeping coal, oil, and gas in the ground as part of its climate goals. The bloc has established a legally binding target to reduce net greenhouse gas emissions by 90% by 2040 compared to 1990 levels.