ABSTRACT
This chapter gives an overview on hydrocarbon resources allocated in the Russian and Norwegian part of the Barents Sea and shows existing opportunities for a joint development of one of the richest petroleum mega basins in the world. The Russian part is recognized to be the largest among the oil and gas resources owned by Arctic nations. However, scarce information and available geological data create uncertainty regarding the Russian Arctic's future role as a main base for energy supply in the second part of the twenty-first century. The chapter uses the UCube approach, which, for the purposes of forecasting production from both Norwegian and Russian parts of the Barents Sea. There is a common view that the shelves of the Barents, Kara, and Pechora Seas are considered as the most prospective areas for offshore oil and gas field development.
