Oil and natural gas in Kalmar Union

The Baltic Union is the third largest oil exporter on Earth (8th largest producer), producing around 3 million barrels of oil/day, and the world's sixth largest producer of natural gas, having significant proven gas reserves in the North Sea.

North Sea oil
In May 1963, Norway asserted sovereign rights over natural resources in its sector of the North Sea. Exploration started on July 19, 1966, when Ocean Traveller drilled its first hole. Initial exploration was fruitless, until Ocean Viking found oil on August 21, 1969. By the end of 1969, it was clear that there were large oil and gas reserves in the North Sea. The first oil field was Ekofisk, produced 427,442 barrels of crude in 1980. Since then, large natural gas reserves have also been discovered.

Against the backdrop of the 1972 Norwegian referendum to not join the European Union, the Norwegian Ministry of Industry, headed by Ola Skjåk Bræk moved quickly to establish a national energy policy. Norway decided to stay out of OPEC, keep its own energy prices in line with world markets, and spend the revenue—known as the "currency gift"—in the Petroleum Fund of Norway. The Norwegian government established its own oil company, Statoil, and awarded drilling and production rights to Norsk Hydro and the newly formed Saga Petroleum.

The North Sea turned out to present many technological challenges for production and exploration, and Norwegian companies invested in building capabilities to meet these challenges. A number of engineering and construction companies emerged from the remnants of the largely lost shipbuilding industry, creating centers of competence in Stavanger and the western suburbs of Oslo. Stavanger also became the land-based staging area for the offshore drilling industry.

Since the formation of The Baltic Union in 2001, oil industry has become one of the leading business in the Union, not only becouse of their importance but the research in offshore mining and wind power technology. The Baltic Union Petroleum Directorate grants exploration and production licenses.

List o offshore developments.
Central North Sea Northern North Sea
 * Hod oilfield - Chalk reservoir, operated by Statoil
 * Valhall oilfield - Chalk reservoir, operated by
 * Eldfisk - Chalk reservoir, operated by
 * Ekofisk - Chalk reservoir, operated by
 * Embla oilfield - Devonian / Permian Reservoir, operated by Norsk Hydro
 * Tor oilfield - Chalk reservoir, operated by
 * Albuskjell oilfield - decommissioned
 * Tambar oil field- Upper Jurassic sandstone reservoir, operated by
 * Ula oil field- Jurassic sandstone reservoir, operated by
 * Gyda oil field - Jurassic sandstone reservoir, operated by Norsk Hydro
 * Blane oil field - Paleocene sandstone reservoir, operated by
 * Oselvar oil field - operated by Norsk Hydro
 * Cod oilfield- operated by Statoil
 * Sleipner oilfield - Jurassic and Palaeocene reservoirs, operated by Statoil
 * Brisling oilfield - operated by Norsk Hydro
 * Bream oilfield - operated by Statoil
 * Balder oilfield - Palaeocene/Eocene, operated by
 * Frigg gas field Large Eocene reservoir gas field
 * Hild gas field
 * Heimdal gas field - Palaeocene reservoir, operated by Saga Petroleum
 * Vale gas field - operated by Statoil
 * Oseberg oilfield Middle Jurassic sandstone reservoir operated by Statoil
 * Grane oil field - operated by Statoil
 * Brage oil field - operated by Saga Petroleum
 * Troll Largest gas field in North Sea operated by Statoil.
 * Gullfaks oil field - Middle Jurassic reservoir operated by Statoil
 * Statfjord along strike from Brent, but structurally deeper, partially in UK sector. Operated by Statoil
 * Snorre oilfield - Middle Jurassic reservoir operated by Statoil
 * Murchison oil field (part of; produced through UK) operated by Norsk Hydro

Haltenbank; numerous developments in production, Heidrun gasfied, Draugen oil field, Ormen Lange etc.

Barents Sea oil
In april 2001, Minister of Foreign Affairs stated that the Barents Sea, off the coast of The Baltic Union and USSR, may hold one third of the world’s remaining undiscovered oil and gas.undefinedAlso in 2001, the moratorium on exploration in the Norwegian sector, imposed in 1997 due to environmental concerns, was lifted following the formation of The Baltic Union. A terminal and liquefied natural gas plant is now being constructed at Snøhvit and it is thought that Snøhvit may also act as a future staging post for oil exploration in the Arctic Ocean. By the moment, two oil platforms are operating in the BS-A-01 oil field.