Russian Barents Sea licensing on tap

Finland's state petroleum firm Neste Oy has been drafted to help Russia's Ministries of Fuel & Energy and Natural Resources organize an exploration licensing round covering blocks in Russia's Barents Sea region. A presentation will be held in Helsinki on Sept. 20, where terms and areas to be offered will be explained. Details of which areas will be opened-and whether Russian finds in the area will be included-are unavailable yet.

July 28, 1997

A presentation will be held in Helsinki on Sept. 20, where terms and areas to be offered will be explained. Details of which areas will be opened-and whether Russian finds in the area will be included-are unavailable yet.

A Neste official said the company is not expecting to receive full details from the ministries until the end of August or early September, at which time more details will be made public.

The official said, "The Russians have a different way of going about these things than the rest of us."

Norway recently allocated seven large exploration tracts in its adjoining Barents Sea area (OGJ, May 26, 1997, p. 28).