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Norway Boosts Estimate on Barents Oil, Gas Resources by 31%

Norway, western Europe’s biggest oil and gas producer, raised its estimate for undiscovered resources in the Barents Sea by 31 percent to 8 billion barrels of oil equivalent as it seeks to open new areas to exploration.

Seismic surveys in waters previously disputed with Russia indicate that about 85 percent of the additional resources could be natural gas and the rest oil, the Norwegian Petroleum Directorate said today. The new resources are estimated at 1.9 billion barrels of oil equivalent, with a range spanning from 350 million to 3.6 billion barrels.