– New exploration acreage promotes long-term activity, value creation and profitable employment in the petroleum industry across the country. Profitable activity on the Norwegian continental shelf provides employment, as well as revenues to the state. Thus, awarding prospective acreage to the petroleum industry is a central pillar in the Norwegian government’s petroleum policy, says Minister of Petroleum and Energy, Mr. Terje Søviknes.
– The announcement of the 24th licensing round is an important contribution to the value creation on the Norwegian continental shelf, and shows our commitment to the Government’s petroleum policy. Profitable petroleum activity is important to maintain our welfare and further development of our society, Minister Søviknes adds.
Petroleum activities in Norway are subject to stringent health, safety and environment requirements, as well as requirements to safeguard the external environment. This also applies to the 24th licensing round. This framework is put in place in order to safeguard the environmental values on the shelf.
The Ministry of Petroleum and Energy invited companies to nominate blocks for the 24th licensing round in August 2016. A proposal to announce in total 102 blocks was prepared, based on the nomination from the companies and evaluation by the government authorities. The proposed blocks were a combination of potentially prosperous blocks close to existing exploration acreage and discoveries as well as new exploration acreage. The proposal was sent on public consultation on 13th of March, with deadline 2nd of May. In total, 36 submissions were received.
The aim is to award new production licenses in the announced areas in the first half of 2018. The application deadline for companies is 12 p.m. on the 30th of November 2017.