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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).

Click here to read the full Bloomberg report.

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