The sum, which will be spent over a two-year period, will help Norway stay in front with regard to knowledge in northern waters, Minister of Oil and Petroleum Terje Riis-Johansen highlights in a press release.
A total of 100 million NOK will be spent in 2011, while the remaining 80 million will be spent in 2012. It is the country’s Petroleum Directorate which will be responsible for the operations.
The areas, which are to undergo seismic studies include waters outside Jan Mayen and parts of the Barents Sea. The parts of the Barents Sea recently delineated by Norway and Russia will not be studied before after the delimitation deal is ratified by both countries’ legislative assemblies, the ministry highlights.
Norway hopes to discover new oil and gas resources in its High North waters, areas which so far are only little studied by the industry. With declining production in the North Sea, the country is under increasing pressure to make new perspective discoveries.
Read also: Norway near gas peak production
The company Statoil in 2007 started gas production at its Snøhvit field in the Barents Sea and ENI is preparing for oil production at the Goliat field. Otherwise, Norway has found little new resources in the Arctic.
Read also: Oil draught brings Norway to the Arctic
