Barents may be dug from under the sea

The vast oil reserves available in the Barents Sea may be dug out with oil rig 'factories' in order to prevent the extreme weather conditions from hampering the work, according to the Sunday Times.

The underwater gas and oil plants will be equipped with all necessary equipment, and serviced by a fleet of submarines that will stretch to around 130ft long and be able to descend to depths of 1,500ft.

The plans were released at an Arctic Frontiers conference in Tromso, Norway, last week, where Norwegian state oil firm Statoil showed an interest in the new vessels. The company already operates around 500 wells which are fixed to the seabed, and are forerunners in the race for Arctic oil.

The equipment will be connected to electrical cables and pipes which will take the oil and gas to the shoreline.

It is estimated that the Arctic holds 13 per cent of the world's undiscovered conventional oil resources, and 30 per cent of its undiscovered conventional natural gas resources, according to US Geological Survey.

However, it is also thought that the costs in exploiting these oil reserves could be 50-100 per cent more than projects taken in less dangerous on-shore environments.

Posted by Lauren Steadman