Oil companies are eager to drill in the Norwegian part of the Barents Sea, but might be reluctant to take on the highly perspective waters near the border to Russia.
A future scenario developed by North Energy depicts the Barents Sea densely covered with subsea pipelines and oil installations in year 2030. According to the company, the region has the potential to fully please oil-hungry Norway over the next decades.
Company Board Chairman Johan Petter Barlindhaug says to BarentsObserver that Norway’s oil and gas production can be boosted by as much as 50 percent by year 2030 if the potential of the country’s Arctic shelf is exploited. “This is not a dream, it can become reality, and Europe needs the gas”, he says.
North Energy wants Norway to extend its current gas pipeline network to the Barents Sea and thus give the Arctic gas easy access to the European market.