Norway’s new licensing round focuses on Barents Sea
Norwegian Ministry of Petroleum and Energy on Tuesday launched its annual licensing round for pre-defined areas (APA 2017), offering access to up to 87 new areas to oil and gas companies.
The country’s annual licensing round is focusing on the mature areas of the Norwegian continental shelf that are close to existing as well as planned infrastructure.
The 2017 round represents a significant expansion into the Barents Sea with 53 blocks included. When it comes to the Norwegian Sea, the round will offer 34 blocks. Finally, no blocks will be offered in the North Sea.
Norway’s Minister of Petroleum and Energy, Tord Lien, said that allocation of new prospective exploration acreage is a cornerstone of the government’s petroleum policy and an important tool in resource management.
Lien also added that APA 2017 will contribute to activity and value creation in the Norwegian waters.
A total of thirty three oil companies applied for exploration acreage offshore Norway as part of the previous round, APA 2016, including Shell, BP, ConocoPhillips, Statoil, Total, Repsol and Lundin.
Offshore Energy Today Staff