Norway taking the lead in race for Arctic oil?

October 8, 2012

Norway’s official budget, released today, sets asides millions for geologic surveying and mapping of the Arctic sea bed.  Norway has one of the smallest territorial claims to the Arctic proper, based on its ownership of tiny Jan Mayen Island, between Iceland and Greenland.

Although its physical claim is small, Norway is in many ways several years ahead of its competitors for Arctic riches.  It has a long heritage in the frigid north, dating to Amundsen and before.  Norway’s Statoil, with decades of production in the harsh North Sea fields under its belt, is the most experienced at drilling in harsh conditions.   Finally, the national government has diligently been laying the groundwork for a cooperative approach in which its national oil company will naturally take the lead.

Arctic seabed claims


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: