Norway invites bids in latest APA oil & gas round
Norway's petroleum ministry has invited bids in the country's latest awards in predefined areas (APA) oil and gas licensing round, it reported on June 9.
The round will offer rights to 84 blocks, including 70 in the Barents Sea, 10 in the Norwegian Sea and four in the North Sea. The deadline for bid submissions is September 8 and licences are expected to be awarded in early 2022. A consultation on the offering began in late February.
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APA rounds offer licences in more extensively explored and developed areas of the Norwegian shelf, where there is more infrastructure but discoveries are likely to be smaller. The previous APA contest led to the award of 61 production licences to 30 companies in January.
Norwegian petroleum minister Tina Bru said allocating more areas for exploration was "important to maintain the level of activity on the Norwegian shelf. It contributes to good resource management, creates great value for the community and secures jobs across the country."
In contrast, Norway's frontier rounds offer rights to less explored areas where infrastructure is scarce. The risks are greater but so are the potential rewards. The Norwegian Petroleum Directorate confirmed in February that seven companies had applied in this year's frontier contest.