Petroleum Geology of the Barents Sea

Abstract: The purpose of this publication is to outline the exploration history and development of the Barents Sea region. It is intended as an overview of the region, summarizing the various basins, reservoirs, trap systems, and source rocks. Exploration of the Barents Sea began in the 1970s and major discoveries took place in the 1980s. Development has been slow due to the prevalence of natural gas over oil in the region, the low price of natural gas until recently, the distance to potential markets, difficult logistics, restricted drilling seasons and environmental concerns. Around the turn of the century the price of natural gas increased significantly at the same time that new technology was developed that decreased the costs associated with producing Liquid Natural Gas (LNG). Better cost feasibility led to development of the first major LNG project, Snøhvit, which began production in September 2007. The area is poised for another major development in the near future as the Shtokman field is expected to begin producing by 2013. The Barents Sea varies greatly form the West, Norwegian, side, to the East, Russian side. The Russian side contains much larger reserves of both gas and oil. The Norwegian side has been more affected by uplift during Cenozoic times which caused massive erosion and the expulsion of oil from reservoirs. The start of production in the Barents Sea will increase the available infrastructure and knowledge of regional geology which should facilitate an increased rate of future exploration. The Barents Sea is considered by many in the industry to be a ’hot’ region in the world for future off-shore petroleum exploration and development.