An oil and gas leak at BP Plc’s Ula field could have caused a deadly explosion, Norwegian regulators said. They ordered the company to review maintenance procedures after discovering “serious breaches.”
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.
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.
Statoil ASA, Norway’s biggest energy company, said an exploration well showed its Johan Sverdrup oil discovery, possibly the biggest in almost 40 years, extends into a third license, adding to resource estimates.
Norway is concerned capacity limitations will further boost costs, delay field development and risk leaving oil in the ground as western Europe’s biggest producer struggles to extract more from aging deposits.