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

Oil Jumps Over 3% After US-Iran Exchange Attacks

Oil Prices Fall Amid Signs of US-Iran Ceasefire Extension Deal

Oil Prices Ease as US Holds Off Renewed Strikes Against Iran

Global Businesses Face Mounting $25 Billion Fallout From Iran War

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

IEA: Middle East Conflict Reshaping Medium-Term Gas Outlook

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

Oil Surges Over 7% to Above $102 Ahead of US Hormuz Blockade

UK Declines to Support US Hormuz Blockade, PM Starmer Says

Current News

Oil Slips as Oman Reports Normal Operations at Key Oil Terminal

Petronas Signs Offshore Oil Recovery Collaboration Deal

SBM Offshore to Sell 45% Stake in Mexico-Bound FSO to NYK

Conrad Secures Drilling Rig for Mako Gas Field off Indonesia

Oman’s Block 50 Offshore Drilling Ops Face Further Delays

Aramco Picks McDermott for Energy Projects in Saudi Arabia

Velesto’s Jack-Up Rig Up for Gulf of Thailand Drilling Campaign

Kuwait Sees 70% Oil Output Recovery within Two Months of Hormuz Reopening

Capricorn Energy Grants Third Extension for Potential Takeover Offer

Ichthys LNG Strike Causes Delay to Taiwan-Bound Cargo

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