Equinor Strikes Oil in Barents Sea

Norway-based Equinor says it has struck oil in the Sputnik exploration well located on the Norwegian Continental Shelf in the Barents Sea. Recoverable resources are estimate at between 20 million and 65 million barrels of light oil, Equinor said. The Sputnik well was drilled in licence PL855, approximately 30km north-east of the Wisting discovery. The well encountered a … [Read more...]

Arctic Oil “Undrillable” Amid Global Warming, UN’s Ex-Climate Chief

By Alister Doyle OSLO, May 15 (Reuters) - An architect of the Paris climate agreement urged governments on Tuesday to halt oil exploration in the Arctic, saying drilling was not economical and warming threatened the environmentally fragile region. Christiana Figueres, formerly head of the U.N. Climate Change Secretariat when the Paris accord was reached by almost 200 nations … [Read more...]

Hope Wanes for `Elephant’ Oil Finds in Norway’s Arctic Waters

By Mikael Holter (Bloomberg) -- After a disappointing year for drillers, Norwegian authorities are reviewing their hopes for the Nordic country’s hottest exploration area. “In the part of the Barents Sea that’s currently open, you’ve sort of tried the elephants -- the big opportunities,” Bente Nyland, the head of the Norwegian Petroleum Directorate, said in an interview … [Read more...]

Barents Sea Oil Boom is Lesson in Progress for Arctic Drilling

By Mikael Holter (Bloomberg) -- With the oil industry barely recovering from its most brutal slump in decades, you might expect the Arctic Ocean to be the last place explorers would hunt for new discoveries. The Barents Sea off Norway’s northern tip is different. Norwegian authorities expect companies including Lundin Petroleum AB and OMV AG to drill a record 15 wells in … [Read more...]

Norway’s Arctic Oil Ambitions Get $7 Billion Lifeline from Statoil

By Mikael Holter (Bloomberg) -- Norway’s Arctic ambitions just got a $7 billion boost from Statoil ASA. Norway’s largest oil company was able to halve its expected development costs to keep alive its delayed Johan Castberg development in the Barents Sea. The decision comes as welcome news for an industry that’s struggling with a deep plunge in oil prices and tens of … [Read more...]