Norway’s Ministry of Petroleum and Energy has awarded four production licenses in its 25th licensing round, part of the numbered rounds that focus on unexplored frontier areas. One license is in the Norwegian Sea, and three are in the Barents Sea. The companies involved with the awards include Norske Shell, Equinor, Idemitsu Petroleum Norway, INEOS E&P Norway, Lundin, OMV (Norway), and Vår Energi.
The seven participating companies represents a drop from the 11 companies that sought acreage in the 24th round in 3 years ago and the 26 operators that participated in the 23rd round held in 2016.
Norway’s Equinor was offered stakes in a pair of permits and operate them both. INEOS and Vår Energi each will operate one license. Lundin was offered stakes in two licenses. The other participants were offered single shares in tracts.
“The 25th licensing round and the annual APA [awards in predefined areas] rounds facilitate exploration and activity on the Norwegian shelf,” said Tina Bru, Norway’s minster of petroleum and energy. “This is important for employment and value creation in the Norwegian oil and gas industry. The allocations are in line with the goals we presented in the white paper Energy for Work. They are also an important part of the framework conditions for the companies on the Norwegian shelf.”
The 25th licensing round was announced on 19 November 2020. The application deadline was 23 February 2021. Companies could apply for licenses in nine different areas—eight in the Barents Sea and one in the Norwegian Sea.
