The Barents Sea new hot-spot for the oil industry

The Barents Sea is not only the most accessible region in the Arctic. It is also the new hot-spot for companies looking to get at the new resources in the region.

Photo: Ole Jørgen Bratland - Statoil

The open parts of the Barents Sea account for 1.5 times as much as the explored regions of the North Sea, but they are nowhere near as thoroughly explored. Now the big oil companies, with Shell, Statoil, and Conoco in the lead, are lining up to get access to the resources, says, which points at the Barents Sea as new, major oil hot-spot.

When the Norwegian government last June awarded 20 explorations licenses on 80 blocks in the Barents Sea, the licenses went to 29 different companies.

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