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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 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.