Barents Sea dominates latest Norway licensing round

The Norwegian Ministry of Petroleum and Energy has opened the country’s 24th licensing round.

Norway's 24th licensing round
Norway's 24th licensing round

Offshore staff

OSLO, Norway – The Norwegian Ministry of Petroleum and Energy has opened the country’s 24th licensing round.

On offer are 102 blocks, comprising 93 blocks in theBarents Sea and nine in the Norwegian Sea. The ministry aims to award production licenses during the first half of 2018.

Minister of Petroleum and Energy Terje Søviknes said: “New exploration acreage promotes long-term activity, value creation, and profitable employment in the petroleum industry across the country.

“The announcement of the 24th licensing round is an important contribution to the value creation on theNorwegian continental shelf, and shows our commitment to the government’s petroleum policy.”

The ministry invited oil companies to nominate blocks for the round last August, and those offered are based on the nominations and evaluation by governmental authorities.

Some are potentially prospective blocks close to existing exploration acreage and discoveries while others represent new exploration acreage. A total of 36 submissions were received.

The application deadline is 12 p.m. on Nov. 30, 2017.

06/23/2017

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