Statoil ups Barents Sea reserve estimate

• Tweet

STAVANGER, Norway, Jan. 30 (UPI) -- Norwegian energy company Statoil said it's possible to produce more natural gas from the Barents Sea than previously assumed.

Statoil said it estimated there were more than 700 billion standard cubic feet of natural gas available in its Snohvit field than previously thought.

"I think it is very encouraging that, through work on the field, we can increase the resource estimate for Snohvit," Statoil Vice President Oivind Nilsen said in a statement. "The increase is important for the potential development of our activity in the Barents Sea."

Last week, the Norwegian Ministry of Petroleum and Energy said it received proposals from 37 companies vying for the rights to more than 200 blocks in the country. More than 90 percent of those were in the Barents Sea.

Norway has been touting the resource potential on its continental shelf. Statoil said it expected to maintain a production capacity from the Norwegian Continental Shelf of around 600,000 barrels of oil per day for the rest of the decade.