This year many companies have discovered new Barents Sea fields, thus considerably boosting the expectations for the Norwegian Arctic waters and increasing IOCs’ interest in the region. In September, Lundin announced the Gohta discovery in the Barents Sea. Containing as much as 145 million barrels of oil, the Gohta opens many drilling targets in the surrounding area.

Lukoil, in August, officially launched production at the Trebs and Titov fields in the Russian Nenets Autonomous Okrug and, in a joint venture with a Russian partner, invested more than 20 billion rubles (€450 million) in the projects.

In January 2013, Faroe Petroleum, operating in the Samson Dome, Darwin and Dazzler fields of the Norwegian Barents Sea made a significant gas discovery Faroe Petroleum. Furthermore, Faroe has also been awarded a license in the oil rich Dreki area on the Icelandic Continental Shelf that was issued early this year.

The upcoming Arctic Oil & Gas 2014 Summit, organised by IRN on 28th-29th January in Oslo, will gather together senior managers from the abovementioned key companies and others, governmental authorities and experts of the Arctic for facilitating discussions and providing valuable insight on the great potential and challenges of the region.

IRN is pleased to announce that the Chief Operating Officer, at Faroe Petroleum Norge, Helge Hammer; the Senior Geophysicist at Lundin Norway AS Trond Kristensen; Mikhail Mosesyan, Leader D&W Engineering at Lukoil Overseas North Shelf AS, Lukoil Norge,; the Senior Arctic Official from the Ministry of Foreign Affairs in Norway, Member of the Arctic Council, Else Berit Eikeland; and the co-founder and Secretary General of the EU Arctic Forum, Steffen Weber; will be officially participating at the Arctic Oil & Gas 2014 Summit to discuss the commercial potential and the challenges of the Arctic region. 

The Arctic Oil & Gas 2014 Summit will be sponsored by the leading Norwegian law firms Selmer and ARNTZEN de BESCHE, GG - Global Green Solutions and is supported by the Norwegian Oil Spill Control Association, International Association of Geophysical Contractors and Isozvezdye.