• 13 hours PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 15 hours Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 17 hours Syrian Rebels Relinquish Control Of Major Gas Field
  • 18 hours Schlumberger Warns Of Moderating Investment In North America
  • 19 hours Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 20 hours Energy Regulators Look To Guard Grid From Cyberattacks
  • 21 hours Mexico Says OPEC Has Not Approached It For Deal Extension
  • 23 hours New Video Game Targets Oil Infrastructure
  • 1 day Shell Restarts Bonny Light Exports
  • 1 day Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 1 day Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 2 days British Utility Companies Brace For Major Reforms
  • 2 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 2 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 2 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 2 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 2 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 2 days Rosneft Signs $400M Deal With Kurdistan
  • 2 days Kinder Morgan Warns About Trans Mountain Delays
  • 2 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 3 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 3 days Russia, Saudis Team Up To Boost Fracking Tech
  • 3 days Conflicting News Spurs Doubt On Aramco IPO
  • 3 days Exxon Starts Production At New Refinery In Texas
  • 3 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 4 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 4 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 4 days China To Take 5% Of Rosneft’s Output In New Deal
  • 4 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 4 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 4 days VW Fails To Secure Critical Commodity For EVs
  • 4 days Enbridge Pipeline Expansion Finally Approved
  • 4 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 4 days OPEC Oil Deal Compliance Falls To 86%
  • 5 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 5 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 5 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 5 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 5 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 5 days Aramco Says No Plans To Shelve IPO
Alt Text

Trump’s Iran Decision Haunts Big Oil

Donald Trump’s Iran decision has…

Alt Text

Big Oil Refuses To Give Up On The Barents Sea

Despite failures in the Barents…

This Could Become The Most Promising Arctic Oil Basin

This Could Become The Most Promising Arctic Oil Basin

I described last month how one country on the planet recently bucked the trend of declining petroleum drilling: Ireland, which saw a record number of bids for offshore acreage in November. 

And this week, one of the neighbors of that rising oil and gas hotspot turned in another strong bid round.

That’s offshore Norway. Where a slew of majors, plus some big first-timers from the international sector, turned out to bid for acreage in what may be the world’s most intriguing frontier basins.
As reported by Offshore Magazine, Norway’s 23rd offshore licensing round drew bids from 26 oil companies — including BP, Shell, Chevron, and ConocoPhillips. Related: The Pain Game – How Low Can Oil Prices Go?

The bid round also drew in Kuwait’s Kufpec and Japan’s INPEX as first-time participants in Norway.
So why is a mature territory like this getting so much attention from big players? Especially at a time when offshore drilling is being pared back globally?

Because of a major new play that’s emerging here: the Arctic waters of the Norwegian Barents Sea.
A full 34 of the 57 licenses available in Norway’s current bid round are located in the southeastern Barents Sea — a location that was previously off-limits to drillers because of a border dispute between Norway and Russia. Related: Venezuelan Government Losing Grip As Low Oil Prices Take Their Toll

But that disagreement is now resolved, paving the way for the Barents acreage to be taken up by E&Ps — and marking the first time in 20 years that new petroleum acreage has come available in Norway.
And the prize here could be huge, according to petro-experts Wood Mackenzie. Who predicted this week that Norway’s new Barents Sea acreage could hold up to 2 billion barrels of oil and gas. Related: This Is Why $20 Oil Is A Possibility

Wood Mackenzie also said that a lack of sea ice in the Barents makes this “the least severe operating conditions of any Arctic basin” worldwide. With the firm noting that, after Norwegian tax breaks for drilling are factored in, the cost for a well here could be 20 times less than a similar drill in Alaska.

That potential for lower-cost, major discoveries makes this a play to monitor. Watch to see which firms are awarded licenses here, with final announcements from Norway’s government expected before the summer of 2016.

Here’s to chilling out

By Dave Forest

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News