The U.
S. Geological Survey (USGS) recently assessed the potential for undiscovered petroleum resources of the East Barents Basins Province and the Novaya Zemlya Basins and Admiralty Arch Province as share of its Circum-Arctic Resource Appraisal. These two provinces are situated northeast of Scandinavia and the northwestern Russian Federation,on the Barents Sea Shelf between Novaya Zemlya to the east and the Barents Platform to the west. Three assessment units (AUs) were defined in the East Barents Basins Province for this study: the Kolguyev Terrace AU, the South Barents and Ludlov Saddle AU, or the North Barents Basin AU. A fourth AU,defined as the Novaya Zemlya Basins and Admiralty Arch AU, coincides with the Novaya Zemlya Basins and Admiralty Arch Province. These four AUs, or all lying north of the Arctic Circle,were assessed for undiscovered, technically recoverable resources, and resulting in total estimated mean volumes of ~7.4 billion barrels of crude oil,318 trillion cubic feet (TCF) of natural gas, and 1.4 billion barrels of natural-gas liquids.
Source: usgs.gov