“This is a historic day. We have reached a breakthrough in the most important outstanding issue between Norway and the Russian Federation,” said Prime Minister Jens Stoltenberg prior to the signing of an agreement between the Norwegian and the Russian negotiating delegations on the bilateral maritime delimitation in the Barents Sea and the Arctic Ocean.
A permanent 4D system for reservoir monitoring has been established in less than three years. The investment is based on market research predicting a huge increase in permanent systems throughout the world.
The Canadian portion of the Beaufort Sea has been the site of intense interest and bidding in recent licensing rounds. Regional reconnaissance 2D seismic programs designed to image down to the base of the Earth's crust are redefining frontier basin evaluation.
The future of the Norwegian Barents Sea, following almost 30 years of exploration, is still in the making. A new look at the petroleum systems in combination with high quality seismic data may reveal the hidden secrets of this huge geological province that has already proven an exceptionally high technical success rate.
V.Verzhbitsky, T.Savostina, E.Frantzen, A.Little, S.D.Sokolov and M.I.Tuchkova
The Russian sector of the Chukchi Sea is a frontier exploration province with little seismic data and no wells. Despite this lack of crucial geological information, regional correlations with the American sector indicate that the potential of this vast region may be substantial.
Interest in this huge geological province has grown strongly over the last few years following the development of the Snøhvit field, the discovery of the Nucula field earlier this year and a genuine belief that there is more oil and gas to be found where both multiple source rock horizons and reservoir layers have been proven.
Could a single plant species have really changed the earth from a greenhouse world towards the modern icehouse state – and what are the implications of this for both petroleum exploration and climate change?
The search for oil and gas in the Arctic started more than 50 years ago, and several basins have proven productive. The most prolific province has certainly been the North Slope of Alaska, with Prudhoe Bay being the flagship oilfield of not only Alaska but also the entire U.S. and North America.
The Laptev Sea Basin is a frontier Arctic basin explored by regional seismic only. Its thick sedimentary cover is thought to contain numerous potential reservoirs, seals and mature source rocks, and structural traps are probably abundant. The Lena river Delta is of special interest for hydrocarbon entrapment.
Having produced over 15 Bbo (2.4 Bm<sup>3</sup>), Arctic Alaska is one of the most prolific oil producing regions in North America, yet most of the area remains sparsely explored. The huge resource potential is attracting new companies and exploration dollars into frontier areas.
Large deposits of oil and gas await development and discovery above the Arctic Circle. The harsh environment and remoteness of the region will challenge both the technology and economics to exploit these resources.