Norway Eyes Northern Barents Petroleum Resources

The Norwegian government proposes to increase funding to geological surveying with NOK 50 million, to continue the acquisition of knowledge through mapping of the petroleum resources in the Northern parts of the Barents Sea.

“Knowledge is crucial both for good resource management and to safeguard national economic interests. Therefore, it is important to continue the mapping of the petroleum resources in the Barents Sea in general, and in areas with possible border crossing resources in particular,” says Minister of Petroleum and Energy, Kjell-Børge Freiberg.

Only the Norwegian authorities are allowed to conduct mapping of resources in areas not opened for petroleum activities by the Norwegian Parliament.

The proposed geological surveying includes acquisition and analysis of seismic data, which should provide important information about the geology of the Barents Sea, particularly for areas close to the delimitation line between Norway and Russia, where there might be border-crossing petroleum resources.

The proposal is a continuation of the geological surveying conducted by the Norwegian Petroleum Directorate over the past years to gather new and additional knowledge about the geology of the Barents Sea.

More knowledge about petroleum resources requires collection of additional geological data. New and better data provides the authorities with a better understanding of the entirety of the petroleum systems. This is important both with regards to good resource management and to safeguard national economic interests when it comes to border-crossing petroleum resources, Ministry of Petroleum and Energy said in a press release.

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