The Conversation (0)
Bloomberg reported that western Europe’s largest petroleum producer, Norway, may have found an oil future with an ice-free expanse of the Arctic in the Norwegian Barents. It has been reported that oil companies will drill a minimum of 12 wells in the Barents Sea this year in a bid to unlock an estimated 6 billion barrels of oil equivalent the area is thought to have.
Bloomberg reported that western Europe’s largest petroleum producer, Norway, may have found an oil future with an ice-free expanse of the Arctic in the Norwegian Barents. It has been reported that oil companies will drill a minimum of 12 wells in the Barents Sea this year in a bid to unlock an estimated 6 billion barrels of oil equivalent the area is thought to have.
As quoted in the market news:
The move follows discoveries in 2011 and 2012 of the Skrugard and Havis fields in the Barents that between them may contain 600 million barrels of recoverable crude. After a decade of disappointing results the finds rekindled interest in the area by explorers including Statoil ASA (STL) of Norway, Italy’s Eni SpA (ENI) and Sweden’s Lundin Petroleum AB. (LUPE).