Norway's latest license round for new acreage in the best-explored areas on the shelf has attracted bids from 21 oil and gas companies, the Norwegian Energy Ministry said on Friday.
Norway holds an annual license round for exploration acreage in the best-known and mature areas on the Norwegian Continental Shelf-the so-called awards in predefined areas (APA) round. After more than 50 years of exploration activity, the APA rounds currently cover most of the area that has been open to drilling and is available on the shelf.
This year, the energy ministry of Western Europe's largest oil and gas producer said at the launch of the bidding round in May that it was expanding the acreage in the Barents Sea and the Norwegian Sea, for which companies vying for licenses in mature areas can bid.
The APA round included a further 37 blocks-three in the northwest of the Norwegian Sea and 34 blocks in the eastern Barents Sea.
By the end of the deadline on September 3, the energy ministry had received applications from 21 companies, including Norwegian major Equinor and the local units of ConocoPhillips, Repsol, TotalEnergies, Shell, and OMV, among others.
After reviewing the applications, the energy ministry will now aim to award new production licenses in the announced areas at the beginning of 2025.
The applications confirm considerable interest in exploration near existing fields and infrastructure, the Norwegian Offshore Directorate said.
Commenting on the interest in the exploration round, Norwegian Energy's Terje Aasland said,
"It is very gratifying that the companies still have great faith in the opportunities that lie in further exploration on the Norwegian continental shelf."
Further exploration efforts and new discoveries would be crucial to slowing the expected decline in Norway's oil and gas production in the 2030s, the minister said, adding that additional resources from Norway would be an important contributor to Europe's energy security.
By Charles Kennedy for Oilprice.com
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