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Norway looks to Barents Sea to sustain production

The development of oil and gas resources in the Barents Sea will be vital for Norway to maintain its output The development of oil and gas resources in the Barents Sea will be vital for Norway to maintain its output.
By Peter Stewart 23 January 2019 Europe & Russia / Exploration & Production 0 33860
The West Hercules platform in the Barents Sea. (Ole Jørgen Bratland/Equinor)

Norway will need to develop undiscovered resources in the remote Barents Sea region to sustain its oil and gas production as mature acreage in the Norwegian Sea – which has attracted the bulk of investment to date – will start to decline in the mid-2020s.

The Norwegian Petroleum Directorate (NPD) forecasts Norway’s oil and gas production will increase between 2020 and 2023 following an anticipated minor decline in 2019. After 2023, undiscovered resources will need to be developed to sustain...