• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 6 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 days Does Toyota Know Something That We Don’t?
  • 23 hours America should go after China but it should be done in a wise way.
  • 7 days World could get rid of Putin and Russia but nobody is bold enough
  • 9 days China is using Chinese Names of Cities on their Border with Russia.
  • 10 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 10 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 10 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 9 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 15 hours How Far Have We Really Gotten With Alternative Energy
  • 10 days Putin and Xi Bet on the Global South
  • 10 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 11 days United States LNG Exports Reach Third Place
  • 11 days Biden's $2 trillion Plan for Insfrastructure and Jobs
Chesapeake's Production Cut Shakes Up Natural Gas Markets

Chesapeake's Production Cut Shakes Up Natural Gas Markets

Chesapeake Energy's decision to decrease…

Oil Prices Remain Rangebound As Volatility Fades

Oil Prices Remain Rangebound As Volatility Fades

Oil price volatility has fallen…

Norway Expands Arctic Oil Exploration

Norway has awarded four new exploration licenses in frontier Arctic areas as it looks to support its oil and gas industry, as well as value and job creation, the Ministry of Petroleum and Energy said on Wednesday.

The ministry has offered seven companies stakes or operatorship in four production licenses, one in the Norwegian Sea and three in the Barents Sea, as part of its 25th licensing round. The so-called numbered licensing round typically includes frontier parts of the Norwegian Continental Shelf (NCS).

According to Norway’s oil ministry, it will be the frontier regions that are most likely to host large new discoveries.

Norway needs new discoveries to maintain employment in one of its most important industries and its supply chain, especially after the last few challenging months, Energy Minister Tina Bru said last year when the ministry proposed the expansion of areas for oil and gas exploration.

In the 25th licensing round, announced in November 2020, companies could apply for licenses in nine different areas—eight in the Barents Sea and one in the Norwegian Sea.

After evaluating the bids, Norway awarded stakes and/or operatorship to Shell, Equinor, Idemitsu Petroleum Norway, INEOS E&P Norway, Lundin, OMV (Norway), and Vår Energi, the ministry said today. Of the four licenses, Equinor will operate two, while Vår Energi—majority held by Italy’s Eni—and INEOS will each operate one license.

Earlier this month, Norway’s government said that it is betting on offshore wind, hydrogen, and electrification to meet its commitment under the Paris Agreement, but its oil and gas sector will continue to play a major role in long-term job creation, economic growth prospects, and value for the country.

Norway, Western Europe’s largest oil producer, is preparing to face the energy transition, yet it believes that it can develop its petroleum resources to deliver low-emission production within its climate policy, the government’s White Paper ‘Putting Energy to Work’ showed.

ADVERTISEMENT

“The main goal of the government’s petroleum policy - to facilitate profitable production in the oil and gas industry in a long term perspective - is firmly in place,” minister Bru said.

By Tsvetana Paraskova 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