Their demand will probably not be helped by the

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Unformatted text preview: licensees in production licence 395 are: StatoilHydro ASA (operator, 50%), BG Norge AS (30%), Petoro AS (20%).33 It is estimated that the areas surrounding the Lofoten and Vesterålen archipelago in Northern Norway contain oil and gas resources with a value between EUR 10 and 15 billion.34 However, the Norwegian fishing industry will fight hard to keep the petroleum industry away from the area. The areas surrounding the Lofoten and Vesterålen archipelago are preserved from any petroleum activity, but the petroleum industry would like this to be changed. Their demand will probably not be helped by the recently released estimates of the undeveloped values, which can be found in these areas. The consulting firm Econ estimates the reserves in the area to be around two billion barrels of oil and gas, with a total value of EUR 12-15 billion. The local coast fishing association says that this area should be the last opened up for petroleum development. Their opinion is that Norway is extremely wealthy and invests its wealth in all kinds of useless projects around the world, instead of conserving a renewable resource li...
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This document was uploaded on 03/30/2014.

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