Exploration / Development
LONDON, Nov. 7 — Norway, in its 20th licensing round, has invited operators to bid for 79 blocks or parts of blocks on the Norwegian continental shelf.
Operators can apply for 51 blocks in the Norwegian Sea and 28 blocks in the Barents Sea. In this—one of the country’s largest licensing rounds ever—Norway hopes that companies will make new discoveries and enhance production, particularly in the Barents Sea where successful wells may open new exploration areas.
“However, this [development] must be balanced against environmental and fishery interests,” said Terje Riis-Johansen, Minister of Petroleum and Energy.
Several blocks are in the deep waters of the Voring basin, which is a relatively underexplored area of the Norwegian Shelf.
Interest has been strong from small and medium sized oil companies as they seek to build their asset bases.
The deadline for operators to submit bids is Nov. 7. Winners will be announced next spring.
Contact Uchenna Izundu at firstname.lastname@example.org.