Arctic Oil Dream Continues

Norway announced last week that they plan to open exploration of Arctic waters off Norway. Officials say the Arctic holds “15 percent of the world’s undiscovered oil and 33 percent of the world’s undiscovered natural gas.” Norway has awarded 10 new oil and gas leases in the Barents Sea, in an area that was disputed with Russia until 2011. This licensing round is the first Norway has offered in the Barents Sea in 20 years. The five companies that received exploration licenses are Centrica, Tullow Oil, Statoil, Chevron and Lukoil.