Gulf Oil and Gas accountACCOUNT

Norway & Russia to Step up Cooperation in Arctic Hunt for Oil

Source: Reuters 11/28/2016, Location: Asia

Share |
Russia and Norway have agreed a deal to acquire new seismic data from the neighbouring countries' Arctic Barents Sea border region to boost the search for oil and gas, the Norwegian oil minister told Reuters on Monday. As developed parts of the Norwegian shelf mature, the Barents Sea and the significant oil and gas reserves that its unexplored areas are believed to hold become increasingly crucial to future production. However, exploration in the Arctic has faced strong opposition from environmental groups and could be more expensive to develop because of a lack of existing infrastructure. 'We believe there are significant resources along the border,' Tord Lien, Norway's minister of petroleum and energy, said after a meeting in Oslo with Russia's natural resources minister, Sergei Donskoi. Lien said that an agreement had been reached to allow the collection of seismic data across the border, adding that he expects to sign the deal before Dec. 24. The two countries, which settled a 40-year border dispute in 2010, will also hold discussions on how to split potential future discoveries that straddle the border. The so-called unitisation talks will take place in Moscow during the first half of 2017. 'It is clear that, should we find resources that cross the border between Norway and Russia, we would have to agree on unitisation and share the revenues,' Lien said. In May Norway awarded 10 new licences in the so-called 23rd licensing round for new exploration areas, which for the first time is granting access to the offshore border zone with Russia. 'We know that one of the (geological) structures is crossing the border, but we don't know if the resources also do,' Lien said. Aker BP, Lukoil, Statoil, Lundin Petroleum, Chevron and ConocoPhillips are among the companies that have won exploration licences close to the border. Others are less enthusiastic, however, with Royal Dutch Shell, Total and Eni not bidding for stakes in the recent licensing round. The two countries have already signed a deal to exchange older seismic data from the border zone to help to determine where to drill. Norway's TGS and PGS, which scan the seabed for hydrocarbons, could benefit from the increased activity during a time when oil industry investment spending has been hit by low crude prices.

Seismic survey News in Russia >>

Brazil >>  10/17/2017 - FairfieldNodal’s project to acquire and process high-resolution 3D marine seismic for the Libra consortium has left port for deeper waters to begin wo...
Canada >>  10/17/2017 - Electromagnetic Geoservices ASA and its wholly owned subsidiary Electromagnetic Geoservices Canada Inc. (together, EMGS) have initiated preparations f...

Brazil >>  10/16/2017 - Spectrum is pleased to announce the commencement of a 6,000 km Multi-Client 2D seismic survey covering the Ceara Basin within the Equatorial Margins o...
Trinidad and Tobago >>  10/16/2017 - FairfieldNodal will begin a large Z700 acquisition project offshore Trinidad in late October 2017. FairfieldNodal’s Z700 data acquisition system is id...

Russia >>  10/11/2017 - Specialists from the Gazprom Neft Science and Technology Centre, in partnership withYandex Terra (LLC Seysmotek), Pangea PJSC and the Moscow Institute...
Cameroon >>  10/10/2017 - Tower Resources plc (Tower), the AIM-listed oil and gas company with a focus on Africa, is pleased to provide an update on the status of the Thali blo...

Related Categories: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 

Related Articles: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 


Russia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 |

More News

 

Oil & Gas Companies in Russia >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.