Norway to Announce 23rd Licensing Round Awards by June 2016

Statoil has delivered its application for the 23rd licensing round on the Norwegian continental shelf (NCS), the first opening of new acreage on the NCS since 1994. Norway’s Ministry of Petroleum and Energy is expected to announce the awards within 7 months.

"The acreage that is offered in this round includes the south-east of the Barents Sea, which is an area that was clarified as Norwegian territory under the border agreement with Russia that came into effect from 2011. In addition acreage in the Hoop-Wisting area, opened in the 22nd round, is on offer," Statoil said in a statement released on Thursday.  

The Stavanger-based company said that cooperation with other companies is key for the new developments, referring to the 16 companies joining forces in the Barents Sea Exploration Collaboration project. 

“Acreage in the 23rd round has significant volume potential, but nevertheless there is a debate where some say that these resources will not be commercial,” Jez Averty, senior vice president Exploration Norway, commented, confirming the company’s resolve to invest in the region. 

"The NCS is the backbone of Statoil and Statoil has an ambition to maintain production at current levels through to 2025-2030 and beyond."