This chapter examines the ethical challenges and value conflicts arising as the Norwegian petroleum industry enters new security roles amid heightened geopolitical tensions. Traditionally grounded in values of trust, transparency, and democratic participation, the sector’s tripartite model uniting government, employers, and unions now faces dilemmas as security imperatives demand greater confidentiality and control. Drawing on interviews and minutes from the Norwegian petroleum industry’s Safety Forum, we show how the shift from safety to security governance disrupts established norms of openness and shared decision making, raising questions about legitimacy, responsibility, and moral accountability. The chapter explores how companies and workers are compelled to balance competing ethical duties: protecting national interests versus upholding workers’ rights, and ensuring public trust versus managing sensitive information. We argue that the evolving roles of petroleum companies as critical infrastructure owners, security actors, and national symbols intensify ethical trade-offs and challenge the core values underpinning Norwegian working life. While the tripartite model demonstrates resilience, its legitimacy depends on navigating these tensions without eroding foundational principles of inclusion and fairness. Ultimately, the chapter highlights the need for value-based governance and ethical reflection to ensure that security measures do not undermine the democratic and moral fabric of the industry.