540 million NOK spent for Lofoten oil race

Ten of the world's largest oil company have spent over half a billion NOK to get access to seismic data collected off the Lofoten Islands.

Most international giants, Exxon Mobil, Shell, Chevron, Total and BP, have secured the valuable information. In addition, Statoil and Det Norske are among the buyers. The list is complemented by Danish Dong, French GDF Suez and Germany's RWE Dea.

In total, the companies acquired seismic data for NOK 540 million (€ 70,7 million). The seismic survey outside Lofoten, Vesterålen and Senja was conducted between 2007 and 2009 and did cost the Norwegian Petroleum Directorate (NPD) - who carried out investigations on behalf of the government, NOK 420 million (€ 55 million). The sea areas outside Lofoten, Vesterålen and Senja have been very interesting areas for the industry for a long time.

- These areas are promising, and therefore it is important that the industry can access the data, says Manager of licensing policy in the Norwegian Oil Industry Association (OLF), Erling Kvadsheim.