The proven petroleum resources in the Norwegian part of the Barents Sea are 325 million Sm3 oil equivalents and of these 3 million Sm3 oil equivalents have been produced. There has been an increase in the resource estimate the last year due to 4 new discoveries. The estimates for undiscovered resources in the Norwegian Barents Sea is just above 1 bill Sm3 o.e.
In 2008, Ministry of Economic Development of Russia elaborated the “Concept of the State programme for exploration and development of the continental shelf of Russia”. According to the “passive” scenario the maximum yearly oil production on the shelf will be 30 million tons in the period from 2010 to 2030; and by the “active” scenario oil production, with development of discovered and prospected oil fields on the shelf, may reach the level of 90 millions tons a year in 2020.