Watching The World: Norwegians debate oil hunt

04/26/2010
Controversy continues in Norway over oil and gas exploration off the Lofoten and Vesteralen islands. The debate heated up last week after the government released a new report on potential reserves in the region.In the report, compiled by the Norwegian Petroleum Directorate, the Norwegian government cut about a third off its earlier oil and gas resource estimate for the waters off the Lofoten and Vesteralen islands.NPD, a government agency tasked with developing the country's offshore oil and gas reserves, said the waters around the Arctic islands could hold as much as 1.3 billion boe.That estimate, based on recent seismic surveys, compares unfavorably to an earlier one that put reserves a...
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