Norwegian government attacked over decision to reopen North Sea gasfields

Norway is pressing ahead with a major North Sea fossil-fuel expansion, approving reopening of three gasfields closed in 1998 and opening 70 new exploration areas despite objections from its environment agency. The government plans to spend 19bn kroner ($1.5bn) to restart Albuskjell, Vest Ekofisk and Tommeliten Gamma by end-2028, with production running to 2048; gas will flow to Germany and light oil to the UK. The move comes amid sharply higher oil and gas prices after the US-Israel attack on Iran and renewed concerns over Middle East supply security. Equinor is already pumping record volumes, reporting 2.31m barrels of oil equivalent per day in Q1, almost 9% above a year ago and well ahead of expectations, helping profits to their highest since 2023. Oslo says the expansion supports Europe’s energy security, while critics argue it is greenwashing and could lock in long-lived hydrocarbons output. For precious metals, the immediate read-through is indirect but important: sustained energy-price volatility and heightened geopolitical risk can reinforce inflation expectations, support safe-haven demand, and keep real rates and policy expectations in focus. Near term, watch for any further escalation around Iran, European gas pricing, and follow-through in oil benchmarks, as these will be the main transmission channels into gold and silver sentiment.