Total Appears Primed To Boost Oil Presence In Barents Sea

May 12, 2010
Oil company Total might be preparing for new major investments in the Barents Sea, Norwegian analysts believe. According to the news site, the French-based oil company sold licenses in the North Sea worth $991 million on the same day as Norway and Russia announced the delimitation deal for the Barents Sea.
The time of the sales might not have been a coincident, the news site speculates. Behind could be the company’s interest in strengthening its presence in the Barents Sea.
Total from before controls 25 percent of the Shtokman Development AG and has a 18 percent stake in the Snøhvit project.
With the border between Norway and Russia settled in the Barents Sea, the huge waters are likely to eventually open up for exploration. That will offer significant opportunities for Total which from before has major interests in the area.
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