Billions of resources lie hidden in the Baltic

Despite the promise of half a billion barrels of oil and close to 150 billion cubic metres of natural gas, players are not harnessing the Baltic Sea's potential.

Photo: Aker BP ASA, Pressefoto

Approximately 75 million barrels of oil are transported annually via the Baltic Sea, but this is the closest the region has come to oil ventures.

This is despite the fact that data from the U.S. Geological Survey (USGS) shows that deep under the Baltic Sea there are considerable deposits of natural gas – up to 282 million barrels of conventional oil and 1,300 million barrels of shale oil. Plus approximately 17 billion cubic metres of natural gas and 130 billion cubic metres of shale gas.

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