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Oil and gas

Encouraged by the success of oil exploration and production in the North Sea in the 1960s, Norway began hydrocarbon exploration in the Barents Sea in 1969. They acquired seismic reflection surveys through the following years, which were analysed to understand the location of the main sedimentary basins. NorskHydro drilled the first well in 1980, which was a dry hole, and the first discoveries were made the following year: the Alke and Askeladden gas fields. Several more discoveries were made on the Norwegian side of the Barents Sea throughout the 1980s, including the important Snøhvit field.

However, interest in the area began to wane due to a succession of dry holes, wells containing only gas (which was cheap at the time), and the prohibitive costs of developing wells in such a remote area. Interest in the area was reignited in the late 2000s after the Snovhit field was finally brought into production and two new large discoveries were made.

The Russians began exploration in their territory around the same time, encouraged by their success in the Timan-Pechora Basin. They drilled their first wells in the early 1980s, and some very large gas fields were discovered throughout this decade. The Shtokman field was discovered in 1988 and is classed as a giant gas field: currently the 5th-largest gas field in the world. Similar practical difficulties Barents Sea resulted in a decline in Russian exploration, aggravated by the nation's political instability of the 1990s.