Norway is underway with the nomination process that will eventually see it issue the first licences to drill in the eastern part of its Arctic waters in the Barents Sea, close to its maritime border with Russia.
Oil and gas companies have until 14 January to nominate blocks they want to see in the 23rd Norwegian licensing round, which will have a particular focus on the eastern Barents Sea. The frontier area is currently estimated to hold around 1.9 Bboe, of which 15% is believed to be oil, according to the Norwegian Petroleum Directorate (NPD).
Norway and Russia ended their long dispute over their maritime borders three years ago, but some fields are likely to lie on the border, complicating eventual production, it said.
The government has indicated that only a limited number of licences are likely to be offered in the area, as it wants to build up activity gradually and efficiently. Awards are expected during the second quarter of 2015.
The NPD also reported that 15 oil companies have so far purchased a seismic data package for the SE Barents Sea, as well as areas off the Jan Mayen island in the Arctic Ocean. The companies include Statoil, Total, Eni, Chevron, Shell, BP, Dong and ConocoPhillips, as well as a number of independents such as Idemitsu, Det Norske Oljeselskap, Lundin, Tullow, OMV, GDF Suez and BG Group. The seismic pack- age, which costs NOK 12 million (US $2 million), was acquired by the NPD in 2011 and 2012.
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