Norway at least doubles Barents Sea reserve estimate

Apart from Russia, Norway is the lead oil and natural gas exporter to the European market, designating nearly all of its offshore production for European Union demand. The Norwegian Petroleum Directorate said figures still carry a degree of uncertainty, but added the Barents Sea in general is already expecting a record this year in terms of the number of exploration wells. Norway's economy is recovering from last year's decline in crude oil prices. Industrial confidence is in positive territory for the first time since the third quarter of 2014, but remains below a historical average. Norges Bank found lingering economic strains from energy market factors, though bank Governor Øystein Olsen said a worst-case scenario never materialized for Norway. (UPI)



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