Norway Energy Minister: Arctic Reserves Key for Energy

Vast petroleum reserves in the Arctic are a key source of world energy, but development must also protect the fragile cold-weather environment and curb greenhouse gases, Norway’s oil minister said Monday.

“If the U.S. Geological Survey is right, 25% of the world’s undiscovered petroleum reserves could be found in the Arctic. Thus, the Arctic region could be part of the solution to the growing energy needs of the world,” said Oil Minister Odd Roger Enoksen in opening a conference on the northern region.

Norway, the world’s third largest oil exporter, allows oil development in parts of the Arctic Barents Sea, which it shares with Russia. Enoksen said the Norwegian sector alone could have 6 billion barrels of oil equivalents.

“The Norwegian Barents Sea is still largely a frontier area,” said Enoksen. He said the government has offered key exploration areas so oil companies can learn more about the region’s potential.

RigZone