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What oil crisis? Arctic drilling off Norway set for record

The Norwegian Barents Sea may contain as much as half the country's unexplored resources and explorers look set to drill a record number of wells in Norway's Arctic waters this year.

Photo: Christian Florian / DMI

Explorers look set to drill a record number of wells in Norway's Arctic waters this year, undeterred by oil prices apparently stuck below USD 60 a barrel.

After making a discovery of as much as 100 million barrels of oil in the Barents Sea, Lundin Petroleum AB said on Monday that it wants to squeeze two more exploration wells into its program this year, even if it means hiring an additional rig. That could push the total number of wells in the area to 16, two more than the record in 2014, according to forecasts from the Norwegian Petroleum Directorate, the industry regulator, and Rystad Energy AS, an Oslo-based consulting firm.

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