Hope Wanes for ‘Elephant’ Oil Discoveries in Norway’s Arctic

13 Jan 2018   Norway

After a disappointing year for drillers, Norwegian authorities are reviewing their hopes. (Bloomberg) — After a disappointing year for drillers, Norwegian authorities are reviewing their hopes for the Nordic country’s hottest exploration area. “In the part of the Barents Sea that’s currently open, you’ve sort of tried the elephants — the big opportunities,” Bente Nyland, the head of the Norwegian Petroleum Directorate, said in an interview. “You’re now down to the next generation in size.” That means the industry regulator would be happy with any discovery of about 500 million barrels of oil, she said. That’s a far cry from the multibillion barrel deposits discovered in the North Sea, which have helped Norway become one of the world’s richest countries over the past decades. Apart from Statoil ASA’s Snohvit gas field, no single discovery in the Barents has reached half a billion barrels. A record drilling campaign in the […]

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