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Norway sells arctic reserve surveys

Aug. 22, 2013 at 7:38 AM
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STAVANGER, Norway, Aug. 22 (UPI) -- A Norwegian energy regulator said more than a dozen oil companies bought a package assessing the reserve potential in the southeast Barents Sea.

The Norwegian government in February said its part of the Barents Sea could hold as much as 7.9 billion barrels of oil equivalent. In July, it started a seismic survey of the southeastern region to complete an assessment started last year.

The Norwegian Petroleum Directorate said 15 oil companies bought its seismic data package for the southeastern Barents Sea and waters surrounding the arctic volcanic island Jan Mayen.

The NPD said Wednesday the companies include regional subsidiaries of Chevron, Total, ConocoPhillips and BP, among others.

The seismic survey package cost $2 million. The NPD gave no indication of what it expected in terms of reserve potential from the surveyed areas.

Norway is a European leader in terms of oil and natural gas reserves. NPD said last month the production of oil, natural gas liquids and condensate for June was 11 percent less than the previous month.

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