Drilling activities in the waters around the Lofoten islands just above the Arctic Circle was prohibited as it is home to the world’s richest cod stocks, and any kind of development faces stiff opposition from environmental groups and the tourism industry.
The ruling Labour party voted in favour of the study, which will be carried out before any exploration, and said that it might take another vote in 2015, before actual drilling could commence, reported Reuters.
It is anticipated that the subsequent government would begin the exploration process, as Labour party supported and the country’s top three parties favoured exploration in the area.
According to an estimate by the petroleum directorate, waters off Lofoten are expected to contain about 8% of Norway’s undiscovered oil and gas resources.
Seismic tests have identified 50 prospects that could hold recoverable reserves of nearly 1.27 billion barrels of oil equivalent.
