• Norway's news in English
 
app_header_v3

Record interest in Barents Sea oil and gas

AFP · 23 Jan 2012, 16:37

Published: 23 Jan 2012 16:36 GMT+01:00
Updated: 23 Jan 2012 16:37 GMT+01:00

In response to a call to nominate the areas they wanted to see opened to licensing, oil and gas companies suggested 181 blocks -- "the highest ever number" -- in the Barents Sea, out of the total 228 blocks suggested, the Norwegian petroleum and energy ministry said in a statement.

"Particular interest has been shown in our northernmost sea areas, confirming that the Barents Sea is an exciting and internationally attractive petroleum province," Petroleum and Energy Minister Ola Borten Moe said in the statement.

"This represents major opportunities for the entire region," he added.

The announcement came after Norwegian energy giant Statoil said it had made a major new discovery in the largely unexplored Barents Sea of two major deposits, Skrugard and Havis, believed to hold between 400 and 600 million barrels of oil equivalent.

Along with French groups Total and GDF Suez, Statoil is also already operating the Snoehvit gas field in the Arctic waters, where Italian Eni is also working the Goliat oil field.

The region is considered so promising that the oil and gas industry is considering building a 1,000-kilometre sub-sea pipeline, at an estimated cost of around 25 billion kroner ( $4.24
billion), to connect the new fields with the existing pipeline network further south.

A total of 37 companies had submitted proposals for licensing blocks in Norway's 22nd licensing round, the government said on Monday.

Based on the companies' suggestions, the petroleum and energy ministry aims to offer new licences during the first half of 2013.

Story continues below…

Norway is the world's seventh largest oil exporter and ranks second in terms of natural gas exports.

However, its production of the black gold has been steadily declining since its peak in 2001, leading industry players to demand the opening of new prospecting areas in the Arctic, something environmentalists oppose.

According to the US Geological Survey, the Arctic is believed to hold 13 percent of the planet's undiscovered oil reserves and 30 percent of the undiscovered natural gas.

Your comments about this article

Today's headlines
PM slammed for playing Pokémon at defence hearing
Grande's behaviour during the hearing was all over the Norwegian media. Photo: Stortinget TV / NTB scanpix

She said playing the game helps her "listen better".

Tanks, guns and bras: Norway's women join the draft
Selection exercises during Joint admission and selection camp 2016. Photo: Olav Standal Tangen/Forsvaret

They sweat together, they sleep together: Norway has introduced compulsory military service for women, even bunking them in mixed dorms with their brothers-in-arms.

Norway PM hunts Pokémon in Slovakia
Solberg, shown here at the Arendal political forum earlier this month, said she recently got hooked on Pokémon Go. Photo:Terje Bendiksby / NTB scanpix

An avid gamer, Norway's Prime Minister Erna Solberg took a break from her official duties in Bratislava this week to hunt for Pokemon monsters in the Slovak capital's old town.

Western Norway braces for extremely heavy rains
Heavy rains in Bergen earlier this month. Photo: Marit Hommedal / NTB scanpix

Residents requested to stay off the roads.

Norwegians conquer England in record time
(L-R) Øystein Garfos, Øystein Djupvik, Andreas Munkelien and Gunnar Garfors

Another wacky record in the books for Norway's extreme travellers.

Norway asylum centres report increase in teen prostitution
File photo of an asylum centre in Råde. Photo: Berit Roald / NTB scanpix

Reports increased fivefold between 2014 and 2015 and officials fear there are more unreported cases.

New signs of life in the Norwegian economy
Finance Norway CEO Idar Kreuetzer. Photo: Gorm Kallestad / NTB scanpix

Positive signals in Finance Norway’s quarterly expectations survey are being interpreted as yet another sign that the Norwegian economy is over the hump.

Car fires in Oslo as burnings reported across Scandinavia
There is no immediate indication that the Oslo car fires are connected to the more than 70 car fires in Malmö, pictured here. Photo: Johan Nilsson / TT/Scanpix

No indication that the two car fires in the Norwegian capital are connected to a series of suspected arson attacks in Sweden and Denmark.

Five things to know about the Philippine peace talks in Oslo
Norwegian Foreign Minister Børge Brende greets participants as the peace talks get underway in Oslo on Monday. Photo: Berit Roald / NTB scanpix

Can the talks in Oslo put an end to a nearly 50-year rebellion?

Norway talks spur hopes for Philippine peace deal
(L-R) Jose Maria Sison (NDFP), Elisabeth Slåttum, FM Børge Brende, Jesus Dureza (GPH) and Luis Jalandori begin peace talks. Photo: Berit Roald/NTB Scanpix

Norway-mediated talks aim to end one of Asia's longest insurgencies.

Sponsored Article
6 reasons expats use TransferWise to send money
Frozen effect bringing 'too many tourists' to Norway
Travel
Frozen effect bringing 'too many tourists' to Norway
Sponsored Article
Why you should attend an international job fair
Norway's angel princess divorces novelist husband
Norway's angel princess divorces novelist husband
Norwegian motorist kills 19 reindeer in bloody collision
National
Norwegian motorist kills 19 reindeer in bloody collision
Sponsored Article
Why expats choose international health insurance
'Tick here please': Changing gender in Norway gets easier
Lifestyle
'Tick here please': Changing gender in Norway gets easier
Sponsored Article
Jordan: where history meets adventure
Danish scientist: Mysterious 'blue blob' caused by weather
National
Danish scientist: Mysterious 'blue blob' caused by weather
Norwegian school permits burkini in swimming classes
Education
Norwegian school permits burkini in swimming classes
Norway's ‘biggest sovereignty concession’ to EU in years
National
Norway makes ‘biggest sovereignty concession’ to EU in years
Norway boosts defence against Russia threat
International
Norway boosts defence against Russia threat
Sponsored Article
Five things Americans should know about voting abroad
FACT-CHECK: No, Norway isn’t banning diesel and petrol cars
National
FACT-CHECK: No, Norway isn’t banning diesel and petrol cars – yet
Norway aims to be climate-neutral by 2030
National
Norway aims to be climate-neutral by 2030
Sponsored Article
Why expats choose international health insurance
Migrant numbers plunge as Norway now 'less attractive'
National
Migrant numbers plunge as Norway now 'less attractive'
Sponsored Article
Life in Jordan: 'Undiscovered treasure'
Society
Record number of kids mark Norway's National Day
Take a ride on Norway's most spectacular road
Travel
Take a ride on Norway's most spectacular road
Sponsored Article
Jordan Pass: your ticket to the experience of a lifetime
All 13 on board die in Norway helicopter crash
National
All 13 on board die in Norway helicopter crash
Sponsored Article
Why you should attend an international job fair
National
Norway violated mass murderer's human rights: court
Sponsored Article
Why Jordan is the ‘Different’ East
Modern-day Norwegian Viking conquers Instagram
Lifestyle
Modern-day Norwegian Viking conquers Instagram
2,053
jobs available