Norway, Russia plan path towards Arctic energy exploration
Norway announces an initiative to invest about 6 million NOK in a Norwegian-Russian project that will assess the technology needed to develop the untapped oil fields in the Arctic region, particularly in the Barents Sea.
The project ”Russian Norwegian Oil & Gas industry cooperation in the High North” has a total funding estimate of about 16 million NOK (€2.1 million) over three years. The project leader is Intsok and partners include Gazprom, Conoco Phillips, Tschudi Shipping and others. The start-up date for the project was February 1.
During the 10th annual Russian-Norwegian oil and gas conference in the end of January, Ole T. Horpestad, Special Advisor of the Ministry of Foreign Affairs, announced that the project has recieved 6 million NOK Governmental financial support and cooperation, the Government’s web site reads.
The partner group will assess the challenges, gaps in technology, and methods and best practices in order to determine a path forward. The project will promote stronger industrial links between the two countries.
The project’s five predefined main focus areas are: Drilling, well operations and equipment; pipelines and subsea installations; floating and fixed installations; logistics and transport; environmental protection, monitoring systems and oil spill contingency.
