Barents Sea News
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The future of the U.K.’s 40-year-old oil and gas industry lies on a stretch of windswept bogland in the Shetland islands 200 kilometers (124 miles) north of Scotland.
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Statoil ASA, Norway’s biggest energy company, said profits fell by 29 percent in the first quarter on lower oil and gas output in Norway, Brazil and as a terrorist attack shut a facility in Algeria.
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In the wake of plummeting oil output, Norway, western Europe’s biggest petroleum producer, may have found its new money spigot: an ice-free expanse of the Arctic Ocean known as the Barents Sea.
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Norway, western Europe’s biggest oil and gas producer, raised its estimate for undiscovered resources in the Barents Sea by 31 percent to 8 billion barrels of oil equivalent as it seeks to open new areas to exploration.
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Norway expects more drilling in its Arctic waters after Statoil ASA ’s announcement last week of the first commercial find in the Barents Sea in more than 10 years.
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Statoil ASA, the Norwegian energy company preparing to develop the Barents Sea’s biggest oil finds, plans to bring the crude ashore by pipeline, according to partner Petoro AS.
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Lundin Petroleum AB, which has interests in eight licenses in the Barents Sea off northern Norway, said gas discoveries in the area may stay undeveloped until a south-bound export pipeline is built.
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Russia’s decision to give China a share of prized Arctic exploration licenses as part of a “breakthrough” deal signals how the world’s largest oil and gas producer and the biggest energy consumer are redrawing the global energy map.
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Statoil ASA, Norway’s largest energy producer, said a third “high-impact” discovery in its Tanzania offshore block added sufficient natural-gas volumes to secure a joint development with BG Group’s neighboring license.
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Norway, western Europe’s biggest oil and gas exporter, will postpone its efforts to open up the area around the Arctic Jan Mayen island to exploration by at least a year until it has more precise resource estimates.
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