Norway plans Arctic Research Center
OSLO -- Norway will set up a research center to tackle the challenges involved in drilling for oil in the cold waters of the Arctic region, the Oil Ministry said Tuesday.
The center will be part financed by the oil and foreign ministries, and part by the Norwegian oil industry, it said.
The government expects the center to be headquartered in one of the country's northernmost cities and be operational by mid-2013.
The cold, remote Arctic region has become increasingly popular for oil and gas exploration following several recent big finds in the area.
Norway, the world's seventh biggest oil exporter in 2010, earlier Tuesday said it plans to award licenses for oil and gas drilling in 86 blocks or partial blocks, of which 72 are in the Barents Sea and 14 in the Norwegian Sea.
Dow Jones Newswires