oil majors look to promise of the hostile barents sea
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Oil majors look to promise of the hostile Barents Sea

Arab Today, arab today

Arab Today, arab today Oil majors look to promise of the hostile Barents Sea

OSLO - Arabstoday

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 licences 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 licencing 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 output has declined steadily to around two million bpd 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 cope 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 per cent of the oil and 30 per cent of the gas on the planet not yet discovered, according to the US Geological survey. Among the firms awarded licences earlier this month were Norwegian state-owned giant Statoil, France's GDF Suez, US giant ExxonMobil, Eni of Italy, Germany's 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 online 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. From : Gulf News

arabstoday
arabstoday

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*

oil majors look to promise of the hostile barents sea oil majors look to promise of the hostile barents sea

 



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*

oil majors look to promise of the hostile barents sea oil majors look to promise of the hostile barents sea

 



GMT 12:47 2016 Thursday ,01 September

'La La Land' musical masterpiece dazzles Venice film fest

GMT 12:42 2017 Monday ,20 February

Dalia al-Behairy begins 'Yawmiyat Zoga Mafrosa'

GMT 19:01 2017 Wednesday ,30 August

Oil prices down as US reels from Harvey

GMT 04:19 2017 Monday ,08 May

National forces attack mercenaries in Taiz

GMT 19:21 2017 Sunday ,07 May

Iranian Film Week opens in Baghdad

GMT 21:33 2017 Sunday ,30 July

Arab Quartet meeting kicks off in Bahrain

GMT 17:17 2016 Friday ,07 October

Aleppo bleeds as US and Russia spar

GMT 12:03 2015 Monday ,21 December

Nepal protester killed in constitutional crisis clash

GMT 09:47 2016 Thursday ,22 December

Trump vows to cut F-35 spending, as leaked memo

GMT 21:44 2017 Friday ,15 December

King establishes Hawar Development Committee

GMT 20:57 2017 Tuesday ,16 May

Naval Forces rescue 23 tourists in Hurghada

GMT 12:56 2017 Monday ,11 December

Lyon leave it late, Balotelli with Nice winner

GMT 06:18 2017 Thursday ,19 October

Russian delegation meets with Julphar chairman

GMT 21:20 2017 Monday ,23 October

Nasr, delegation of London Stock Exchange
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

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday