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Norway to spend more on looking for oil and gas near Russian border

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Staff Writer | October 9, 2018
Norway plans to step up spending on looking for oil and gas in the northern Barents Sea close to its border with Russia, the country’s 2019 budget showed on Monday.
Norway
Europe   The government has proposed to allocate an extra 50 million Norwegian crowns
The government has proposed to allocate an extra 50 million Norwegian crowns ($6.04 million) to conduct a so-called 3D survey over a large geographical structure that straddles the border with Russia.

“Knowledge is crucial both for good resource management and for safeguarding national economic interests,” Norway’s Oil and Energy Minister Kjell-Boerge Freiberg said in a statement.

The country’s oil and energy ministry did not identify the structure, but said it was located in an area which is not yet opened up for petroleum exploration and development.

A Reuters source familiar with the decision said the areas the government wanted to take a close look at were opposite exploration blocks awarded by Russia on the other side of the border.

Russia’s largest oil producer Rosneft operates three blocks bordering Norway, information on the company’s website shows.

Norway’s state-owned oil company Equinor, previously called Statoil, had plans to drill with Rosneft in one of the blocks, known as Perseyevsky.


 

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