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 Jan. 17.
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 licenses 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 meters (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 a drop in output is expected from the mid-2020s unless significant new discoveries are made.
SUPER DUG: Enerplus Banks on ‘Underappreciated’ Bakken, Refracs
2023-06-02 - Enerplus COO Wade Hutchings expects the company to generate free cash flow of $475 million in 2023 with plans to launch refracturing efforts in the Bakken while easing down Marcellus Shale production.
SUPER DUG: Nabors' Hall on Cutting Emissions in the Oil Patch
2023-06-01 - Hart Energy's editorial director Jordan Blum sat down with the senior director for energy transition solutions at Nabors Industries, James Hall, to discuss electrification in the oil patch.
SUPER DUG: Tom Petrie and Wesley K. Clark Discuss Oil and National Security [WATCH]
2023-05-31 - Petrie Partners chairman Tom Petrie and Wesley K. Clark, CEO of Wesley K. Clark & Associates sit down for a conversation about oil in the context of national and economic security in the U.S. and abroad.
SUPER DUG: E&Ps Explore Emerging Basins, Deeper Zones in Inventory Hunt
2023-05-31 - As producers scramble to extend their inventory runways, companies are drilling deeper test wells in the Permian Basin and exploring emerging plays in the Lower 48.
SUPER DUG: Liberty CEO Pearson Talks EOR in the Bakken
2023-05-29 - At the SUPER DUG conference in Fort Worth, Texas, Liberty Resources CEO C. Mark Pearson sat down with Hart Energy's Jordan Blum to discuss his company's usage of Bakken-produced gas and EOR in the Bakken.