[claudius]

Sure, in the short term, it will not have much effect apart from

a) protecting the sensitive environment around the Lofoten islands

b) increasing the cost of oil slightly

c) leaving the oil around Lofoten for future generations if necessary

All three are quite positive effects of this decision, with a+c) being more limited to Norway and b) potentially having an effect world-wide. It will also make it easier to tax "dirty" oil imports (such as from sensitive natural environments) and all goods produced using such oil into the EU if no internal player is doing the same.