Norwegian frontiers closer to exploration

Fugro-Geoteam should start a 2D seismic acquisition campaign next week in the frontier Nordland VII and Troms II regions off northwest Norway.

Offshore staff

OSLO, Norway --Fugro-Geoteam should start a 2D seismic acquisition campaign next week in the frontier Nordland VII and Troms II regions off northwest Norway.

The Norwegian Petroleum Directorate (NPD) has commissioned the survey to increase knowledge of potential petroleum deposits in this area. Due to the difficulties in chartering a seismic vessel, the limited survey will be concluded by July 18, well before the start of the local Greenland halibut fishing season. Another seismic survey will be conducted later in the year.

The oil industry has been pressing the government to open these waters – close to the Lofoten islands - to exploration for many years, but the local fishing industry has successfully opposed all moves at licensing to date. Last year, however, Norway's parliament (Storting) approved the allocation of $11.62 million in funding for new seismic data acquisition in the area. NPD expects to mount further surveys in 2008 and 2009.

06/18/2007

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