Norway Receives Applications from 47 Companies in Licensing Round, Down 6% from 2013

Norwegian authorities received applications from 47 companies for Award in Predefined Areas (APA) 2014, registering a 6% decrease with respect to 2013. 

Last year, the authorities received applications from 50 companies for available acreage totalling 103 029 km2. Of this, 18 136 km2 was awarded in early 2014. This year, the authorities received applications for 109 205 km2.

“We are looking for the best applicants, companies with good knowledge, new geological concepts and the best strategy for exploring the areas,” Sissel Eriksen, said the exploration director for the Norwegian Petroleum Directorate (NPD) in a note released on Thursday.

APA 2014 was announced in April. According to NPD, the awards will most likely take place in early 2015.

Despite being rather modest, the year-on-year decrease confirms doubts about Norwegian medium-term prospects. Technology seems the last-ditch effort to buck the trend. 

For instance, Statoil is betting on a pilot project capturing flare gas and using it to power drill rigs and frac fleet in North Dakota.

According to a separate statement released on Thursday, the project is expected to provide environmental, cost-saving, and logistics solutions.

“By using this captured natural gas in place of diesel in our drilling and hydraulic fracturing operations, we are further reducing emissions and costs. This is both good for the bottom line and the climate,” says Statoil Bakken development and production vice president Lance Langford.