Core Sampling Reveals Oil Shows in North Sea
Drilling exploration has begun in a new location off the coast of Norway in the North Sea. The proposed well is intended to target the Cliffhanger North prospect, situated between the Norwegian Continental Shelf and the North Sea. The primary goal of the well is investigate the potential as well as the quality of the basement. Although drilling in Cliffhanger North did not reveal sandstone reservoir, core samples for research have revealed oil shows contained within the basement rocks. Original estimates indicated that the field could hold as much as 500 million barrels.
Reports indicate that Norway could be a driving force in European offshore drilling within the next two years. Norways Parliament recently voted to open an offshore area near the border of Russia for oil and gas research and exploration. The landmark decision marked a clear break with prior policy in Norway. In recent years, Norway as witnessed increased wealth per capita due to offshore oil and gas exports.