OSLO, Norway, June 9 (UPI) -- Austrian energy company OMV announced Thursday that two licenses awarded in the Barents Sea would strengthen its regional position.
Norway and Russia said they would examine potential energy resources in the Barents Sea after reaching an agreement over territorial disputes. Work in the region could be cleared by July.
OMV said it was awarded two licenses in the Barents Sea, which it described as an emerging exploration area.
"With our new exploration licenses we are continuing our efforts to build up a substantial exploration portfolio in Norway," said Wolfgang Remp, a senior vice president of the offshore sector at OMV, in a statement.
The U.S. Geological Survey in 2008 estimated that the arctic could hose as much as 30 percent of the world's recoverable natural gas and 13 percent of its oil.
Environmental groups say a major disaster in the arctic like last year's oil spill in the Gulf of Mexico could cause irreparable harm.
The deal between Moscow and Oslo opens more than 60,000 square miles for oil and gas exploration, the BBC said.
