Norway Has Good Response to Bid Round
Offshore regulator Norwegian Petroleum Directorate received applications from 38 companies in the awards in predefined areas (APA) 2018, it said September 7, three days after the deadline expired. This is almost as many as last year's record, it said.
Most of the companies that are active on the Norwegian Shelf submitted applications and there were also some from newcomers.
"While interest is greatest in the North Sea and the Norwegian Sea, we have to look all the way back to 2007 to find more interest in the Barents Sea in an APA round," it said. "This year’s applications demonstrate that there is significant interest in exploring near existing fields and infrastructure, and it is positive that the companies want to identify potential additional resources."
The NPD will now go on to evaluate the bids, and only companies with technical expertise and a good understanding of geology will succeed. Financial strength and experience will also be emphasised, it said. The winners will not be announced until the new year.