Norway Wants Oil Companies Exploring in Barents Sea to Leave 'No Stone Unturned'
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Loading... - Hernandez Isabella
- 27 Apr 2023
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Oil and gas companies, such as Equinor ASA and Var Energi ASA, should “leave no stone unturned” in expanding their resources in the Barents Sea region as Norway looks to future-proof its position as key energy supplier to Europe.
“The Barents Sea is like a kind of little brother, but when we look into the future at the resource potential that is out there, it could be a big brother on the Norwegian continental shelf in the future,” Petroleum and Energy Minister Terje Aasland said in Hammerfest Wednesday. The industry has collective responsibility, and “that means leaving no stone unturned to find more gas in the Barents and that work on expanding export capacity continues.”
Norway is now Europe’s biggest supplier of natural gas after the outbreak of the war in Ukraine, and its petroleum producers are keen for new acreage in the Barents to offset an expected decline in output in a few years. A handful of exploration successes in recent months near the Goliat and Johan Castberg fields have revived interest in the region and could attract new investment, though there are still too few wells being drilled, said Torgeir Stordal, the head of Norway’s petroleum directorate. Read More…
