Norway is the world’s third largest exporter of oil and gas after Saudi Arabia and Russia. Norway is a member of the European Economic Area Agreement. It applies most of the EU acquis including legislation on the internal energy market and related flanking policies (competitions, environment, consumer protections, research and development programs etc.) Bilaterally, the EU-Norway Energy Dialogue principally aims at the coordination of energy policies in a wider sense, including research and technological development in the energy sector and relations with other energy producing countries. Issues related to the possible exploration of the energy resources in the High North, i.e. the Barents Sea, are also discussed in the framework of the Dialogue.
On 22 June 2012 in Brussels Energy Commissioner Günther Oettinger and Norwegian Minister for Petroleum and Energy Ola Borten Moe agreed to develop further the energy co-operation between Norway and the European Union. The meeting marked the 10th annual EC – Norway Energy Dialogue and confirmed the mutual interest in close and comprehensive consultations on key energy issues. Norway is a major exporter of oil and gas to the EU, and through the EEA Agreement part of the EU internal market.
Both parties welcome the recent agreements by the relevant TSOs to develop electricity connections between Germany and Norway and between the UK and Norway.
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On 6 July 2005, the European Commissioner for Energy and Norwegian Minister of Petroleum and Energy met in Oslo confirmed their interest to cooperate on energy issues, specifically in the areas of energy efficiency, renewable energy, and security of energy supply, including exploration and production activities in the Arctic area.