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.