Norway offers new offshore drilling licenses in Barents Sea
May 18, 2016
TROMSOE, Norway (AP) — Norway awarded on Wednesday 10 new licenses for offshore oil and gas exploration in the Barents Sea, including three in previously untouched waters near the Russian border.
The Oil Ministry said it is the first time new acreage has been opened for drilling in Norwegian waters in 20 years.
"The potential is huge," Oil Minister Tord Lien said. "If the companies are successful in their exploration, Northern Norway will enter a new era."
Thirteen companies were awarded 10 licenses consisting of 40 blocks in the Barents Sea, a portion of the Arctic Ocean just above Norway's northern coast.
Three of the licenses were in waters that became accessible to exploration after a border deal with Russia.
Read entire article at ABC News.
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