Having explored the majority of its Norwegian shelf, Norway is looking to other more remote regions in order to remain a major player in the oil industry, which has largely paid for the welfare nation's lifestyle.
One area they're looking toward is a volcanic island in the Arctic with the strange name of Jan Mayen, which was at one time supposedly called the 'Gates of Hell,' based on the possibly true legend of being discovered by Brendan, and Irish monk, who when seeing the vulanic activity thought he had literally discovered the Gates of Hell.
Norway will find it hard to finance its welfare state if oil production continues to fall as it has recently, with estimates in this year alone dropping by 9.7 percent, according to the Petroleum Directorate. Oil and gas accounts for about 25 percent of the economic output of Norway at this time.
The first step will be to drill a shallow well outside of Jan Mayen to make an assessment on the geological structures in the area. Oil drilling in the region won't begin until about 2020.
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