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

Sponsored: UAE Breaks Ground on GW-Scale Renewable Energy Hybrid

US Pressure on India Could Propel Russia's Shadow Oil Exports

Seatrium Secures ABS Backing for Deepwater FPSO Design

Yinson Production Nets DNV Approval for New FPSO Hull Design

Brownfield Output Decline Accelerates, says IEA

PXGEO Nets First Seismic Survey off Malaysia

Saipem Wins FEED Contract For Abadi LNG Project FPSO Module In Indonesia

Allseas-Boskalis Consortium Bags $1.4B Offshore Gas Pipeline Job in Taiwan

Dutch Contractor Completes Malaysia’s Largest 'Rig-to-Reef' Decom Project

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Current News

ABL to Support Platform Installations, Rig Moves for Chevron in Gulf of Thailand

PTTEP Orders OneSubsea Systems for Two Deepwater Projects off Malaysia

Russia's Lukoil Takes Up Gunvor’s Offer for Foreign Assets

How Hot Is Your Cable? Understanding Subsea Cable Thermal Performance

Sponsored: UAE Breaks Ground on GW-Scale Renewable Energy Hybrid

Pertamina Joins Petronas in Ultra-Deepwater Asset off Indonesia

Malaysia’s Petronas and Oman’s OQEP Strengthen Oil and Gas Ties

Southeast Asia’s 2GW Cross-Border Offshore Wind Scheme Targets 2034 Buildout

Pharos Energy Kicks Off Drilling Campaign Offshore Vietnam

Viridien to Shed More Light on Malaysia’s Offshore Oil and Gas Potential

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