“I am very pleased to send out offers today to 48 companies for participation in a total of 65 new production licences on the Norwegian shelf. This is a new record, both in the number of production licences and the number of companies. The awards provide a good basis for further exploration of some of the most well established exploration areas on the Norwegian shelf,” said Minister of Petroleum and Energy Tord Lien.
The 65 production licences are distributed among the North Sea (38), the Norwegian Sea (19) and the Barents Sea (8). A total of 50 companies applied for production licences in APA 2013. 48 companies will be offered shares in one or more production licences. 29 of these companies will be offered operator-ships.
“The Government will maintain a predictable and high pace in awarding new areas for petroleum activity. The record breaking awards in APA 2013 represent our first step on this path, and demonstrate that we deliver on our promises,” continues Minister of Petroleum and Energy Tord Lien.
The APA licensing rounds encompass the most explored areas on the Norwegian shelf. The challenges in mature areas are particularly linked to the lower expected size of discoveries. Small discoveries cannot justify stand-alone developments, but may have good profitability when they can exploit existing and planned process equipment and transportation systems, or be coordinated with other planned developments. It is therefore important to ensure timely exploitation and development of such resources.
Source: World Oil
Published: February 23, 2024