Norway: We Must Prepare for Arctic Oil Race with Russia

Posted by Joseph Keefe
Wednesday, January 17, 2018
Norway must identify potential offshore oil and gas reserves near its northern maritime border with Russia to better protect its economic interest in the remote Arctic region, energy minister Terje Soeviknes said on Wednesday.
The two countries agreed in 2010 to split previously disputed areas of the Barents Sea between them, allowing each to exploit resources hidden beneath the seabed.
An increase in drilling activity on the Russian side of the border should lead Norway to push its own agenda, the minister said.
"We need to start the discussion about what to do in the far north. We see a development on the Russian side of the border, where they are drilling and likely will find oil," Soeviknes told an energy conference in Sandefjord.
"If they come across a big find that straddles the border, we must be prepared to do our utmost to secure Norwegian economic interests ... This is why we must continue to map out these areas."
All exploration licences on the Russian side of the border are operated by Rosneft.
The Norwegian Petroleum Directorate (NPD) estimates that Norway's part of the Barents Sea holds nearly two thirds of the Nordic nation's yet-to-be discovered offshore resources.
The northern part of the Barents Sea, not yet open for exploration, has the biggest potential, with undiscovered resources estimated at 1.4 billion cubic metres (8.6 billion barrels) of oil equivalents, NPD has said.
The government plans to start working on a resource management plan for the Barents Sea, which is expected to be presented to parliament in 2020.

Norway is western Europe's largest producer of oil and natural gas but but a drop in output is expected from the mid-2020s unless significant new discoveries are made. 

By Joachim Dagenborg

Categories: Arctic Operations Contracts Energy Government Update Legal Logistics Offshore Offshore Energy

Related Stories

Petronas Signs 20-year Charter Deal with MISC for Five LNG Carrier Newbuilds

Brent Near $114 as Middle East Conflict Continues

Bureau Veritas Expands Offshore Services with New Asia Hub

US-Israel War on Iran Creates Biggest Energy Crisis in History

Oil Flows to Lag Even if Hormuz Strait Reopens

China Calls for De-Escalation as US Threatens Hormuz Blockade

UK Declines to Support US Hormuz Blockade, PM Starmer Says

Middle East Producers Gear Up for Hormuz Export Restart

UAE Stands Ready to Join Force to Reopen Strait of Hormuz

Thai Tanker Transits Hormuz after Iran Talks

Current News

PV Drilling Secures Jack-Up Rig Deal from Zarubezhneft off Vietnam

Longitude to Integrate SynergenOG Following ABL Group Acquisition

Petronas Signs 20-year Charter Deal with MISC for Five LNG Carrier Newbuilds

Global Oil Supply to Fall Short of Demand as Iran War Goes On, IEA Says

Iraq, Pakistan Secure Oil Shipments via Hormuz with Iran Agreements

Norway O&G Revenue Forecast Jumps 30% for '26

QatarEnergy, TotalEnergies and ConocoPhillips Team Up on Syria Offshore Block

FOS Picks Incat Crowther to Design Fast CTV Fleet for Shell’s Brunei Ops

Dolphin Drilling Boosts Backlog with Harbour Energy Deal, Oil India Extension

Oil Prices Edge Higher Amid Uncertainty Over Iran Deal

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com