Statoil ASA's (STO) plan to bring oil by pipeline from the Barents Sea to a new terminal in the country's far north could pave the way for a permanent hub in the Arctic, Norway's Minister of Petroleum and Energy Ola Borten Moe said Tuesday.
Statoil ASA's (STO) plan to bring oil by pipeline from the
Barents
Sea
to a new terminal in the country's far north could pave the way for a
permanent hub in the
Arctic
,
Norway
's
Minister of Petroleum and Energy Ola Borten Moe said Tuesday.
"I am a huge optimist to what we may see in the
Barents
Sea
," Mr. Moe told Dow Jones Newswires in an interview. "It seems
Statoil and others are getting the hang of this, and that could mean huge, huge
activity for generations. That is entirely good news."
A new terminal at Veidnes near Honningsvag will service oil from Skrugard and
Havis, which has estimated reserves of between 400 million and 600 million
barrels of oil.
Both Statoil and the minister were optimistic about the potential for more
discoveries in the
Barents Sea
, which has not yet been
thoroughly explored. Statoil expects to conclude a drilling campaign this
summer, and said it's able to connect more pipelines to the new terminal if
more oil is found.
"The facility is also flexible, and can take more resources than Skrugard
and Havis. It's for the future," Mr. Moe said.
Norway
is
expected to open a formerly disputed area in the southeast
Barents
Sea
for oil drilling this summer, following a deal with
Russia
.
"I want to be an optimist too, but we won't know until we have found
something," said Ivar Aasheim, Statoil's director for field development in
Norway
.
The company is already part of two
Barents Sea
developments. It's operating in the Snohvit gas field and the Melkoya liquefied
natural gas plant in
Hammerfest
, and
has a 35% stake in the Eni SpA (E) operated Goliat oil field, expected on
stream in late 2013.
"This is a new petroleum province for
Norway
.
That's good for Norway and very good the northern part of Norway," Mr. Moe
told a small gathering of reporters, Statoil executives and Members of
Parliament who were invited to eat cake at his office in the Norwegian capital.
"We're having a little party here."
Statoil said it would deliver a plan for development and operation for Skrugard
and Havis by 2014 and start production in 2018, expecting to produce up to
200,000 barrels a day.
"Statoil has worked steadily, mapping the resources up there," Mr.
Aasheim said. "Skrugard and Havis is in a way our breakthrough in the
Barents
Sea
."
Statoil is the main operator of Skrugard and Havis, with a 50% stake. Eni SpA
(E) has a 30% stake and state-owned
Petoro
AS
--which
manages
Norway
's
direct ownership in oil and gas fields--has a 20% stake.
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