Applicants for Norway's New Licensing Round Decreased by 28%

Twenty-six companies applied for production licences in Norway’s 23rd licensing round, the Norwegian Petroleum Directorate (NPD) said on Friday. The number indicates a reduction of 28% with respect to the previous round.

"This licensing round comprises 57 announced blocks or parts of blocks, three of which are in the Norwegian Sea and 54 in the Barents Sea. Thirty-four of the announced blocks are situated in the newly opened area in the south-eastern Barents Sea, and many of the applications target this acreage," a document published by the NPD says. 

BP, Chevron, ConocoPhillips, DEA, Edison, E.ON, Lukoil, OMV, PGNiG, Shell, Statoil and Wintershall were among the companies that applied. Indeed, mostly large and medium-sized companies compare in the list of 26 companies. However, two companies, INPEX and Kufpec, were newcomers this autumn. 

“It is gratifying to see that so many competent companies want to explore in new acreage during a time when we are experiencing low oil prices and cost cuts. This shows that the companies recognise opportunities and the potential of finding oil and gas in these new areas," Sissel Eriksen, exploration director at the NPD, commented. 

Norway’s Ministry of Petroleum and Energy is expected to award the new licences before summer 2016.