Arab Today, arab today oil majors look to barents sea for the future
Last Updated : GMT 02:34:15
Arab Today, arab today
Arab Today, arab today

Barents Sea's activity is increasing

Oil majors look to Barents Sea for the future

Arab Today, arab today

Arab Today, arab today Oil majors look to Barents Sea for the future

Norway's Petroleum and Energy Minister Ola Borten Moe
OSLO - AFP

Norway\'s Petroleum and Energy Minister Ola Borten Moe The oil and gas majors are looking to the promise of the Barents Sea, attracted by Norway\'s political stability against a backdrop of unrest in the Middle East and falling North Sea output.

Of 24 offshore oil and gas production licenses Norway awarded on April 15, half were in the Barents Sea in the Arctic, an unprecedented number.
\"There is unprecedented interest in our northernmost seas,\" Norway\'s Petroleum and Energy Minister Ola Borten Moe said of the licensing round, adding \"the present level of activity in the Barents Sea is high and increasing.\"
Since peaking in 2001 at round three million barrels per day, Norway\'s oil ouput has declined steadily to around two mbpd currently.
With reserves in the North Sea shrinking and major discoveries becoming rarer, Norway has decided to open up its northernmost waters in response to industry pressure and the need to ensure a steady source of income for its generous welfare state.
Exploration and development in the Arctic is technologically complex and expensive, with companies having to come with extremely low temperatures, sea ice, long distances from existing infrastructure and total darkness in winter,
But soaring oil prices and technological advances have made the region attractive despite the challenges, with the Arctic as a whole perhaps containing 13 percent of the oil and 30 percent of the gas on the planet not yet discovered, according to the US Geological survey.
Among the firms awarded licenses earlier this month were Norwegian state-owned giant Statoil, France\'s GDF Suez, US giant ExxonMobil, Eni of Italy, German RWE Dea and Britain\'s BG.
Statoil said it was pleased to have won licences near the Skrugard deposit, which it had called \"one of the most important finds on the Norwegian continental shelf in the last decade.\"
The field could contain up to 250 million barrels of oil and its recent discovery rekindled interest in the Barents Sea.
\"Skrugard could mean that we are opening up a new oil province,\" Statoil chief executive Helge Lund said of the find.
Before Skrugard, some 80 exploration wells had resulted in only two major finds in Norwegian waters of the Barents Sea -- Snoehvit, a gas find developed by Statoil, and Goliat, run by Eni which should come on-line in 2013.
In Russian waters lies the enormous Shtokman gas field, for which Russian giant Gazprom has taken on Statoil and Total for its development.
If the oil majors are newly enthusiastic over the Barents Sea, environmentalists worry about potential damage to its fragile and fish-filled waters .
\"The oil industry can now frolic in vulnerable waters that should have never been opened up to prospecting,\" Lars Haltbrekken of Friends of the Earth Norway said in reaction to the new licensing round.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today oil majors look to barents sea for the future Arab Today, arab today oil majors look to barents sea for the future

 



Arab Today, arab today
Arab Today, arab today Nasima Gamei revives Algerian heritage in jewelries

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives Algerian heritage in jewelries
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 10:01 2017 Tuesday ,21 February

Egypt pound rebounds from flotation slide

GMT 09:57 2017 Tuesday ,21 February

Greece agrees to bailout reforms compromise

GMT 09:55 2017 Monday ,20 February

Thailand 2016 growth up but below junta target

GMT 09:29 2017 Monday ,20 February

Kraft Heinz withdraws bid for Unilever

GMT 09:22 2017 Monday ,20 February

China's huge debt poses big headache for central bank

GMT 18:23 2017 Sunday ,19 February

Darwesh vows to provide job opportunities for youth

GMT 12:10 2017 Sunday ,19 February

Welcomes the F&B solution of the future
View News in Arabic - Business: أخبار الأعمال
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday