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Norway awards 83 oil exploration blocks

Gasoil News - Published on Fri, 18 Jan 2019

Image Source: Reuters
Reuters reported that Norway has awarded 33 oil companies a record 83 blocks to explore for petroleum resources in mature areas of the Norwegian continental shelf. Norway's Oil and Energy Minister Kjell-Boerge Freiberg said "This is the largest licensing award on the Norwegian continental shelf. Fifty-three years after the first licensing round, this new record confirms the industry's belief in continued value creation and activity in Norway"

A total of 38 oil companies had submitted bids for acreage offshore Norway in the so-called predefined areas (APA) licensing round by last September's application deadline.

The government handed out 37 licenses in the North Sea, 32 in the Norwegian Sea and 14 in the Barents Sea in areas near the existing discoveries. Norway's majority state-owned oil and gas firm Equinor was awarded stakes in 29 licenses (13 operatorships), Aker BP in 21 licenses (11 operatorships), and Lundin Petroleum in 15 licenses (9 operatorships). The other companies which received stakes include oil majors Total, Shell and ConocoPhillips, as well as Eni's Norwegian subsidiary Vaar Energy. Altogether, 21 oil firms received operatorships.

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Posted By : Joykumar Irom on Fri, 18 Jan 2019
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