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Oil majors team up for Barents Sea exploration

The Goliat platform will be the first rig for oil production in the Norwegian sector of the Barents Sea.

Low oil prices triggers cross-companies cooperation to develop cost-effective solutions for new areas north of mainland Norway.

Eni Norge, Statoil, OMV, GDF SUEZ and Statoil announce collaboration on operational tasks tied to exploration in the Barents Sea.

“We take the operational responsibility seriously and have connected leading companies with operations in the Barents Sea to work together to find good and robust solutions for the tasks we see ahead, especially considering the new areas that have been opened in the south-eastern part of the Norwegian sector of the Barents Sea,” says Irene Rummelhoff, Statoil’s Senior Vice President for exploration in Norway, according to a press-release posted by the oil major.

It was Statoil together with Eni Norge that initiated the cooperation.

Last week, Eni Norge received the Goliat platform to Hammerfest on Norway’s northernmost cost to the Barents Sea. Goliat will be the first ever oil field in production in the Norwegian part of the Barents Sea. The platform will be towed from Hammerfest to the field 85 kilometres northwest of Hammerfest.

The cooperation between the five oil companies to explore new areas is set to last for three years. 

Sharing costs means more cost effective exploration. That is needed in times with lower oil price. Today, Brent Crude is traded at $64 per barrel, compared with more than $100 a year ago.

“Our goal is to increase coordination and develop cost-effective solutions for exploration in the Barents Sea in both the short and medium term. We will collaborate with authorities, industry organisations and other relevant institutions to deliver on this. We aim to be effective and address the concrete actions that need to be taken and share relevant solutions and data with both the authorities and the rest of the industry. It is in our common interest to have robust exploration activity in the Barents Sea,” says Rummelhoff.

The cooperation is especially targeted to areas opened for exploration in Norway’s 23rd License Round, announced in January. 34 of the 57 blocks announced are located in the formerly disputed waters with Russia in the Barents Sea.