June 21, 2018 / 8:49 AM / 2 months ago

Oil firms to drill more exploration wells off Norway in 2018: NPD

OSLO (Reuters) - Oil firms are expected to drill 40-50 exploration wells off Norway this year compared to 36 wells drilled the previous year, the Norwegian Petroleum Directorate said on Thursday.

The Norwegian continental shelf still held an estimated 4 billion cubic metres (25.2 billion barrels) of oil equivalents in undiscovered petroleum resources, with two-thirds located in the Arctic Barents Sea, it added.

Half of estimated undiscovered resources in the Barents Sea, however, are located north of the areas opened for petroleum activities, and it’s unclear when oil firms can get access to them.

Reporting by Nerijus Adomaitis, editing by Gwladys Fouche

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