Drilling for oil in Svalbard commenced in 1963 by the Norwegian company Norsk Polar Navigasjon. Since then there has been further oil and gas exploration activity, including seismic surveys.  However, results have indicated that there is nothing worth exploiting.

In 2023 the Norwegian government offered oil and gas “exploration blocks” in the Barents Sea, some of which are located close to the Svalbard Fishery Protection Zone. Despite this, Norway is still maintaining that is has no plans to open up Svalbard for drilling.