Norway's Northern Round has 11 Bidders
Eleven companies have applied for production licenses in the 24th licensing round on the Norwegian shelf, the offshore regulator NPD said December 5. Most of the blocks are in frontier areas, with 93 of the 102 blocks being in the Barents Sea, the rest in the Norwegian Sea.
“The oil companies nominated many areas in this round, and the authorities have listened and responded with an extensive announcement," the Norwegian Petroleum Directorate (NPD) said. "Companies are particularly interested in the announced acreage in the northwestern part of the region," it said, and some parties appear to be prioritising exploration in mature areas this time around.
Companies include the established medium to large companies such as national Statoil, Shell, Norwegian AkerBP, Austrian OMV and Wintershall, as well as some smaller companies such as Russian-backed Dea and (Rosneft-controlled) RN Nordic Oil, plus Sweden's Lundin Petroleum.
Norway opened its 24th round in June 2017; it was controversial as the former oil minister had unsuccessfully tried to include the fisheries-rich Lofoten islands and paid for that miscalculation with his job.
To be awarded a licence, companies "must have technical expertise and a solid understanding of the geology. Emphasis will also be placed on financial strength and experience," NPD said. The oil ministry aims to award new production licences before the summer of 2018.