Norway Leads Exploration and Production of Oil and Gas in the Barents Sea

Thursday 11 July 2013, Amsterdam

Statoil Leads Oil and Gas Exploration and Production in the Barents Sea

Statoil ASA is the leading operator of oil and gas exploration blocks in the Barents Sea. Of the 61 active exploration blocks in the Barents Sea at the end of 2012, Statoil operated 22.
Eni Norge AS and Lundin Petroleum were the second and third largest concerns, with operatorship of eight and seven blocks respectively.
    

The Barents Sea has Substantial Undiscovered Oil and Gas Resources

In 2008, the US Geological Survey (USGS) concluded a study to estimate undiscovered crude oil, natural gas, and Natural Gas Liquid (NGL) resources in the Barents Sea Shelf. According to its assessment, the shelf has estimated mean volumes of approximately 11 billion barrels (bbl) of crude oil, 380 trillion cubic feet (tcf) of natural gas and 2 billion bbl of NGLs. The assessment excluded already discovered petroleum reserves in the Barents Sea Shelf. Most of the undiscovered petroleum reserves are expected to be present in the East Barents Basins Province (USGS, 2009).

Norway Leads Exploration and Production of Oil and Gas in the Barents Sea

At the end of 2012, the Barents Sea contained 61 active exploration blocks. Of these, Norway had 55 active exploration blocks and Russia had six. This clearly indicates that Norway leads in exploration of oil and gas in the Barents Sea, with a far more active exploration program than Russia. In terms of discoveries, Norway also leads Russia.. In the period 2008 to 2012 Norway accounted for all 10 discoveries made in the Barents Sea, with Russia not witnessing any during this period.