Norwegian energy group Statoil will cooperate with US major Chevron in exploring the Arctic Barents Sea.

The deal defining the Norwegian sector of the Barents Sea as an “area of mutual interest” would strengthen the two companies’ drive to participate in developing oil and gas resources in the Arctic, Statoil said.
Statoil and Chevron are among 24 firms that have applied for new offshore oil and gas territory in the Barents Sea and Norwegian Sea in Norway’s 19th licensing round.
Some analysts believe the Barents Sea, which stretches from the north Atlantic across northern Norway and far into northwestern Russia, holds vast oil and gas resources, though so far Statoil’s Snoehvit gasfield is the only commercial development.
“We regard this cooperation as an exciting opportunity to further develop our technology for exploring and developing the Barents Sea,” said Tim Dodson, Statoil’s senior vice-president for Norwegian continental shelf exploration.
The agreement would form the basis for further collaborative projects in future licensing rounds.
“Chevron’s global exploration experience, particularly its seismic imaging capability, joined with Statoil’s significant regional knowledge of and long-term operational experience in the Barents Sea, will allow the two companies to address one of the world’s most technically challenging areas,” Statoil said.