photo W. Stoichevski

The Norwegian continental shelf just off the northern town of Tromso could hold up to two billion barrels of reserves, two-thirds of which might be oil in an area still out of bounds for all but government sanctioned survey vessels.

Some NOK100 billion ($22 billion) worth of reserves might be had in the so-called Troms II acreage of Tromo. Just to the south, off the Lofoten Archipelago, up to four times as much — or some $90 billion worth of oil and gas — could lie unproduced.

The area has long been nominated by oil companies in concession rounds and rejected by Norwegian officials before making awards. A recent management plan for the North, however, paved the way for surpervised surveys.

The area happens to be one of the world’s richest commercial fishing zones, and a shortened trawling season this year and last to make way for seismic survey vessels has fisherman up in arms over lost revenues.

Fishermen say a shortened hallibut season could cost them NOK50 million ($10 million), according to newspaper Fiskaren. A report in the paper cited research by think tank Econ Pöyry in coming up with the Troms II oil and gas figures.

The Lofoten, Tromso area is also rich in three types of migratory cod and at least two other commercial species of fish, plus minkey whales.

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