Oil and gas firm Statoil has said investment in developing gas reserves in the Bjarmeland Platform area of the central Barents Sea could reach £7.4billion (65billion crowns).
Expansion of the Barents Sea province is set to be a key focus in the coming years, with Norway’s 21st licensing round in 2011 seeing 12 production licences awarded in the zone – on equal footing with the neighbouring Norwegian Sea.
A development plan has yet to be be presented to Norwegian authorities and the Norwegian oil and gas company said the spend figure was an early evaluation.
The Bjarmeland Platform straddles two production licenses with Statoil’s partners including Total, Det Norske, Valiant Petroleum, Rocksource, North Energy, BG and Petoro.