• 4 minutes Ten Years of Plunging Solar Prices
  • 7 minutes Hydrogen Capable Natural Gas Turbines
  • 10 minutes World looks on in horror as Trump flails over pandemic despite claims US leads way
  • 13 minutes Large gas belt discovered in China
  • 5 hours Chicago Threatens To Condemn - Possibly Demolish - Churches Defying Lockdown
  • 1 hour Let’s Try This....
  • 2 hours The CDC confirms remarkably low coronavirus death rate. Where is the media?
  • 2 hours New Aussie "big batteries"
  • 6 mins COVID 19 May Be Less Deadly Than Flu Study Finds
  • 9 hours China to Impose Dictatorship on Hong Kong
  • 1 min Monetary and Fiscal Policies in Times of Large Debt:
  • 44 mins Would bashing China solve all the problems of the United States
  • 16 hours 60 mph electric mopeds
  • 21 hours Iran's first oil tanker has arrived near Venezuela
  • 24 hours Nothing can shake AMLO’s fossil-fuel fixation
  • 1 day US-China tech competition accelerates: on Friday 05/15 new sanctions on Huawei, on Monday 05/18 Samsung chief visits China

Norway Receives Bids From 38 Oil Firms To Explore Mature Areas

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