OSLO, Norway, Oct. 22 (UPI) -- Some oil and gas installations in the Barents Sea could be threatened by encroaching sea ice, an investigation from a Norwegian safety regulator found. The arctic waters of the Barents Sea hold significant oil and gas reserves, but exploiting those reserves comes with significant risk. While Norway has one of the most advanced offshore drilling programs in the world, the International Energy Agency said concerns run the gamut from ecological to economic risks. Arne Kvitrud, an ice expert working for Norway's Petroleum Safety Authority, said the threat from icebergs and sea ice is low, but real. "The best solution is to avoid ice hitting the platform at all. It could damage risers or other structures, he said in a statement. "So the aim is to keep well clear." The Norwegian government has called on energy companies working in arctic waters to observe requirements related to distance from ice sheets "so the environmental assets along the ice edge are safeguarded." The safety authority calls on oil and gas drillers working in arctic waters to stay about 30 miles away from ice zones. Greenpeace last year declared victory after Norwegian energy company Statoil ended a campaign in the Hoop reserve area in the arctic waters of the Barents Sea. Small volumes of hydrocarbons were encountered by Statoil, but nothing in the way of a commercial discovery. The Hoop reserve area is near Bear Island, a unique island ecosystem that Greenpeace said would be spoiled should a spill occur in the area. "In purely statistical terms, sea ice and bergs can be found south of Bear Island," Kvitrud said. "But the probability is low."
Norwegian regulators are warning that oil and gas installations could be forced to disconnect rigs because of ice flows from the Barents Sea , which would impact production in Bear Island 's Goliat field that only started last year . The Norwegian Castberg field, which is close to the Goliat field, is licensed to Statoil, and would also need to consider disconnection procedures. This comes as analysts are highlighting concerns that with oil prices still around $50 , Norway is in danger of a recession that could drive its benchmark interest rates, already at a record low, to one . Economists at Goliat have stated that the " Norwegian economy will now experience a deeper downturn than during the financial crisis, with output expected to stay below its potential for longer than it did last time".