• 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
Video
Fake Norway ‘apology’ video angers Israel
The video is a fake apology from the National Theatre of Norway. Photo: Lise Åserud / NTB scanpix

See the video that the Israeli Foreign Ministry wants "removed from every site" on the internet.

Trump an 'embarrassment' Springsteen tells Norway
Rock legend Bruce Springsteen interviewed by Fredrik Skavlan. Photo: SVT/Youtube

Rock legend Bruce Springsteen has described Donald Trump as an embarrassment to the United States.

Oslo to hit drivers’ wallets to combat air pollution
The cancel wants to raise toll rates fivefold by this winter. Photo: Vidar Ruud / NTB scanpix

The city council will quintuple road tolls on days with high levels of air pollution.

Freed hostage back in Norway after 'year in terror'
Sekkingstad addressed the Norwegian media in Oslo on Friday. Photo: Vidar Ruud / NTB scanpix

Kjartan Sekkingstad returned to Norway on Friday after a year of captivity in the Philippines.

New hijab discrimination case hits Norway
Model photo: Carina Johansen / NTB Scanpix

Officials in Oslo offered a young woman a job, but only if she would remove her headscarf.

Tesla sued in Norway over sluggish cars
A Telsa Model S being charged in Østfold. Photo: Tore Meek/NTB Scanpix

"When you notice that you didn't get what you paid for you feel cheated."

VIDEO: See Norway’s PM ride around on a rubbish truck
That's not something you see every day. Photo: Terje Bendiksby / NTB scanpix

Norwegian Prime Minister Erna Solberg has posted a video to Facebook showing her performing some rather unusual work in the name of green energy.

Why Americans pay more to fly Norwegian
It pays off to know the local language when booking with Norwegian. Photo: Håkon Mosvold Larsen / NTB scanpix

Americans looking to fly to Norway on Norwegian or take a cruise on Hurtigruten are being charged much higher prices than customers in Norway.

Norway man posed as girl on Facebook to exploit 60 boys
Photo: Stian Lysberg Solum / SCANPIX .

Police believe a Tromsø man used the internet to sexually exploit around 60 children and abused some of them in real life.

Norway files terror recruitment charges for first time
Ubaydullah Hussain has been in and out of the Norwegian court system several times. Photo: Terje Pedersen / NTB scanpix

Ubaydullah Hussain, an Islamist who has had numerous run-ins with the law, is the first person in Norway to be officially charged with recruiting terrorists.

Sponsored Article
Why you should learn to trade (and just how easy it is)
'I am so very happy and lucky to be alive': Freed Norwegian
International
'I am so very happy and lucky to be alive': Freed Norwegian
Society
Hijab discrimination: Praise, Nazi comparisons and conspiracy theories
Facebook thanks Norway PM after censorship row
Society
Facebook thanks Norway PM after censorship row
Expats say it's not just Norway's weather that's cold
Society
Expats say Norway is a cold place (and they don't mean the weather)
Sponsored Article
Gran Canaria: 'So much more than beaches'
National
323 reindeer killed by lightning in Norway
Frozen effect bringing 'too many tourists' to Norway
Travel
Frozen effect bringing 'too many tourists' to Norway
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
'Tick here please': Changing gender in Norway gets easier
Lifestyle
'Tick here please': Changing gender in Norway gets easier
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
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
Migrant numbers plunge as Norway now 'less attractive'
National
Migrant numbers plunge as Norway now 'less attractive'
2,036
jobs available