Over the past few years, Norway’s energy policy has seen a remarkable turnaround related to the kingdom’s refusal to invest the Government Pension Fund’s money in the petroleum industry. This decision received mixed reviews from experts, who were arguing about its causes and possible consequences. In this paper the author intends to study the current state of the oil and gas sector of the Norwegian economy and development prospects for it. Oil and gas not only make up Norway’s main export item, but also allow it to occupy a more significant place in the European system of international relations due to its significant contribution to the EU’s energy security. Given the fact that the most efficient fields in the North Sea and the southern part of the Norwegian Sea are pretty close to exhaustion, Oslo needs new fields, and most of them are expected to be discovered in the Arctic. But there’s still considerable disagreement among the parties to the Treaty of Paris over the status of maritime areas around Svalbard, which remains the main obstacle in Norway’s way to arctic resources. Oslo takes a tough stance on this issue, which is not limited only by the declaration of its national interests, but is reinforced by decisive actions to protect them. As analysis shows, this policy works, but its success is largely determined by the passivity of other nations, which do not take specific measures to protect their own interests. Despite numerous threats to appeal to the UN International Court of Justice, none of the countries whose rights under the Svalbard Treaty were repeatedly violated by Norway have done it yet. Although the results of such a dispute may not be in favor of Norway, since its position on Svalbard, which was examined in the work, leaves many questions from the international law perspective. In conclusion, the modern energy policy of Norway was studied, as a result the author suggests that hydrocarbons will remain country’s principle export item in years to come, and changes in the state investment program should not be seen as an attempt to abandon oil and gas industry, but as the desire to diversify its economy.
Norway, Arctic, gas, oil, Svalbard, economy
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