Barents sea oil The latest 3D seismic surveys suggest that there may be billions of barrels of undiscovered oil in the Barents Sea, according to a geology and geophysics expert in an interview with Norwegian broadcaster NRK. “If all the projections are correct and all uncertainties turn out positive so we are talking about billions of barrels,” Kristian Kråkenes, VP Geology & Geophysics at Kuwait Foreign Petroleum Exploration Company (KUFPEC), was quoted as saying. KUFPEC, a subsidiary of Kuwait Petroleum Corporation, operates in Norway with minority stakes in four fields. The 3D data gives a much better picture than previous two-dimensional images, the expert said. Several large and reasonably shallow areas may contain oil, including the area close to the Norwegian-Russian delimitation line in the southeastern part of the Barents Sea, the expert noted. In May of this year, Norway – which had not offered exploration licenses for new […]