BARENTS SEA RESOURCES TWICE AS ASSUMED

April 26, 2017

The Norwegian Petroleum Directorate has recently mapped the eastern part of the northern Barents Sea – an area of about 170,000 square kilometres, 10,000 square kilometres larger than the Norwegian part of the North Sea. A large part of this is located in the previously disputed area, and most of the new information has been collected after the demarcation line agreement with Russia entered into force in the summer of 2011.
The share of undiscovered resources in the Barents Sea has thus been increased from 50 to nearly 65 per cent of the total undiscovered resources on the Norwegian shelf.
The resources in the new area are estimated at 1.4 billion standard cubic metres of oil equivalents. This is equivalent to 14 Johan Castberg fields, and more than five times the Snøhvit field. The expected total resources are about the same in the mapped part of the northern Barents Sea as in the southern Barents Sea, but the northern part is only half the size of the southern part. (Source and Image: NPD)

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