• 5 minutes Iran Says It Arrested 17 CIA Spies, Some Sentenced To Death
  • 9 minutes Will We Ever See 100$+ OIL?
  • 13 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 43 mins Iran Loses $130,000,000 Oil Revenue Every Day They Continue Their Games . . . .Opportunity Lost . . . Will Never Get It Back. . . . . LOL .
  • 14 hours Oil Giant Saudi Arabia Is Set to Start First Wind-Power Plant
  • 20 mins Renewables provided only about 4% of total global energy needs in 2018
  • 8 hours How is E&P of Marginal Oil on the UKCS Similar to the Shale Oil Operations in the US?
  • 1 hour So You Think We’re Reducing Fossil Fuel? — Think Again
  • 1 hour N.Y. Governor Signs Climate Bill
  • 9 hours Berkeley becomes first U.S. city to ban natural gas in new homes
  • 12 hours EIA Reports Are Fraudulent : EIA Is Conspiring With Trump To Keep Oil Prices Low
  • 3 hours U.S. Administration Moves To End Asylum Protections For Central Americans
  • 24 hours First limpet mines . . . . now fly a drone at low altitude directly at U.S. Navy ship. Think Iran wanted it taken out ? Maybe ? YES
  • 22 hours Today in Energy
  • 19 hours Which is a better domain name for OAPEC?
  • 16 hours Shale Oil will it self destruct?
Oil Traders Remain Bearish… For Now

Oil Traders Remain Bearish… For Now

The market seems too well…

The World Can’t Let Nuclear Energy Die

The World Can’t Let Nuclear Energy Die

Despite wavering public sentiment and…

Norway Receives Bids From 38 Oil Firms To Explore Mature Areas

Goliat oil platform

Norway has received bids from 38 companies applying for new exploration acreage in the latest licensing round for mature areas on the Norwegian Continental Shelf, Norway’s Ministry of Petroleum said on Friday.

Both the number of applicant companies and the total number of applications are almost as high as in last year’s record-breaking licensing round, the ministry noted, adding that the 38 companies include large international firms and smaller exploration companies. Equinor, ConocoPhillips, Total, Wintershall, Eni, and Aker BP are some of the big names on the list of the companies who had applied for new exploration acreage.

Announcing the mature areas licensing round in May this year, Norway expanded the predefined area by 103 blocks in the Norwegian Sea and the Barents Sea.

After receiving the bids, now the Petroleum Ministry aims to award the new production licenses at the beginning of 2019.

“The fact that the oil companies show such high interest in exploration on the Norwegian Continental Shelf is important for future value-creation, employment and state revenue from Norway’s largest and most important industry. I am therefore very pleased that we also this year have received a large number of applications from a broad range of companies,” Norway’s new Minister of Petroleum and Energy, Kjell Børge Freiberg, said.

There is still a lot of oil to be discovered on the Norwegian Continental Shelf, the Norwegian Petroleum Directorate (NPD) says, estimating that the undiscovered resources are equal to around 40 Johan Castberg fields. Johan Castberg in the Barents Sea is estimated to have recoverable resources of 450-650 million barrels of oil equivalent, field operator Equinor says.

Another Equinor-developed field, the giant Johan Sverdrup in the North Sea, is slated to start production in late 2019 and will be the main contributor to Norway’s rising oil production until 2023.

But from the mid-2020s onward, production offshore Norway will start to decline “so making new and large discoveries quickly is necessary for maintaining production at the same level from the mid-2020s,” Torgeir Stordal, Director exploration at the NPD, said in the directorate’s 2018 resource and exploration report in June.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play