North Barents

Outline

Key Indicators

Rating

BB§

Ranking

40

Outlook

Uncertain

Commentary

With licencing in the Russian sector active, there is likely to be renewed impetus to explore. However, hostilities and sanctions between Russia and the West seem to present insurmountable obstacles currently.

Updated

May 27, 2021

Outline

Region

Former Soviet Union

Position

Offshore

Hydrocarbon

Oil

Location

North Barents

Description

The NBP is one of a number of basins that comprise Barents Basin ("BRTB"). The BRTB is a sedimentary basin between the Kola Peninsula and Novaya Zemlya, bordered by the Timan-Pechora Basin to the south, the Murmansk Rise and Murmansk Plateau to the west, the Admiralty High and the island of Novaya Zemlya to the east, and rise of Franz Josef Land to the north. The development of the Basin began in the late Palaeozoic and continuing through to the early Cretaceous, with the sediments sourced from the Pangaea supercontinent. These underlie the current BRTB which was created during the break-up of Pangaea. Beginning in the Cretaceous a rift zone opened between the Baltic Plate and the Siberian Plate, parallel to and west of the old Ural Mountains suture zone.

Summary

While well defined, it is relatively under explored due to its location. There is significant resistance to oil & gas exploration due to environmental concerns.

Source: ESRI, BGS, USGS & OGA data

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