The risk of a reduction of Russian gas supplies to the European Union highlights the importance of Norway—the second biggest gas exporter economically integrated with the EU. An increase in exports of Norwegian gas temporarily raises the security of gas supplies to Europe. Nevertheless, internal conditions limit the potential of Norwegian gas to replace supplies from Russia. In the long term, Norway’s ability to remain a stable supplier will depend on the discoveries of new gas fields. Thus, the EU and Norway should strengthen energy cooperation and prepare responses to the various future development scenarios.