Oil worth billions outside Norway’s Arctic coast
Seven billion barrels of oil equivalents are probably hidden under the continental shelf of northern Norway. The oil industry and the political opposition parties now step up pressure on government to extract the resources, reports the Barentes Observer.
The Norwegian Oil Industry Association (OLF) continues its fight for the opening of promising areas outside the northern Norway coast for oil and gas exploration. Together with the political opposition parties the Progress Party and the Conservative Party, the association now demand that government speeds up mapping of the unexplored oil and gas resources in this area.
The area outside the Lofoten Archipelago is of special interest for OLF, according to DN.no. According to Lars Arne Ryssdal in OLF, approximately 3,4 billion barrels of oil equivalents are alone hidden in the Norwegian Sea outside Lofoten. This is the equivalent of 15 Goliat oil field discoveries.
Both OLF and the opposition parties use strong words in criticizing what they see as the current government’s lack of action to secure a continued growth in Norwegian oil and gas industry. If there are no new field developments in the next years, then Norwegian oil production will be halved in 2014 compared to 2000.