• 4 minutes "Natural Gas Trading Picks Up Considerably Amid High Volatility" by Charles Kennedy - ...And is U.S. NatGas Futures dramatically overbought at the $6.35 range?
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 1 hour GREEN NEW DEAL = BLIZZARD OF LIES
  • 43 mins What China is Learning from Russia's War in Ukraine and its Consequences
  • 3 days Revisiting: "The U.S. Grid Isn’t Ready For A Major Shift To Renewables" from March 2021 by Irina Slav at OILPRICE
  • 6 days How cheap Chinese tires might explain Russia's 'stalled' 40-mile-long military convoy in Ukraine
  • 7 hours Natural Gas is the Cleanest and most Likely Source of Energy to Fuel the World.
  • 2 days Failure To Implement Russian Oil Ban Could Send Oil Crashing To $65
High Gasoline And Diesel Prices Are Here To Stay

High Gasoline And Diesel Prices Are Here To Stay

As gasoline and diesel prices…

Norway Awards 61 Oil & Gas Exploration Licenses In Mature Areas

Norway has awarded 61 offshore exploration licenses to 30 companies in the latest annual licensing round for oil and gas exploration in mature areas on the Norwegian Continental Shelf, the Ministry of Petroleum and Energy said on Tuesday.

The so-called Awards in Predefined Areas (APA) are announced every year and comprise the mature parts of the shelf with known geology and good infrastructure already in place, allowing tie-backs to existing infrastructure for any new discoveries.

The awards announced today include 34 production licenses in the North Sea, 24 licenses in the Norwegian Sea, and three licenses in the Barents Sea.

“Even after decades of activity, there are still opportunities in these areas. Due to new technology and a multitude of new players, I believe we will see new discoveries in the areas available in this year’s APA round,” Norwegian Minister of Petroleum and Energy, Tina Bru, said in June last year when the APA licensing round was launched.  

Commenting on the awarding of the 61 licenses on Tuesday, Bru said “These companies have shown great interest in gaining access to new exploration acreage, illustrating the industry’s confidence in continued profitability from exploration on the Norwegian continental shelf. This is good news for the Norwegian state as resource owner.”  

“This year’s award of 61 new production licences to as many as 30 companies shows that the petroleum industry still has significant expectations of making profitable discoveries on the Norwegian Shelf,” said Kalmar Ildstad, director license management at the Norwegian Petroleum Directorate.

“It’s positive that the companies are showing significant interest in exploring in areas with known geology, and close to existing infrastructure,” Ildstad added.

Equinor, Lundin, Aker BP, and Vår Energi were awarded the highest number of licenses either as operators or partners.  

“Due to their location, these resources can often be realised with high profitability and create considerable value for society, and they can be produced with a low carbon footprint per barrel,” said Equinor, which was awarded a total of 17 licenses, 10 as operator and 7 as partner.  

By Charles Kennedy for Oilprice.com

More Top reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News