• 4 minutes England Running Out of Water?
  • 7 minutes Trump to Make Allies Pay More to Host US Bases
  • 10 minutes U.S. Shale Output may Start Dropping Next Year
  • 14 minutes Washington Eyes Crackdown On OPEC
  • 19 mins Tidal Power Closer to Commercialisation
  • 9 hours Why U.S. Growers Are Betting The Farm On Soybeans Amid China Trade War
  • 14 hours US-backed coup in Venezuela not so smooth
  • 23 hours BATTLE ROYAL: Law of "Supply and Demand". vs. OPEC/Saudi Oil Cartel
  • 47 mins Read: OPEC THREATENED TO KILL US SHALE
  • 6 hours Fisker Announces 'Mass Market' Electric SUV
  • 1 day Solar to Become World's Largest Power Source by 2050
  • 2 days Sounds Familiar: Netanyahu Tells Arab Citizens They’re Not Real Israelis
  • 2 days THE DEATH OF FOSSIL FUEL MARKETS
  • 24 hours Biomass, Ethanol No Longer Green
  • 2 days Boeing Faces Safety Questions After Second 737 Crash In Five Months
  • 2 days Can OPEC CUT PRODUCTION FOREVER?
OPEC Threatens To Kill U.S. Shale

OPEC Threatens To Kill U.S. Shale

OPEC is ready to produce…

What’s Holding Oil Prices Back?

What’s Holding Oil Prices Back?

Sanctions on Iran and Venezuela…

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