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Norway Offers Thirteen Companies Production Licenses in Barents Sea


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Norway Offers Thirteen Companies Production Licenses in Barents Sea

Business

Category: Business and Investment News

STAVANGER, Norway — Norway’s Ministry of Petroleum and Energy has offered new production licenses to thirteen companies in the 23rd licensing round on the Norwegian Continental Shelf. All ten production licenses are located in the Barents Sea.

The offers were issued following the authorities’ assessment of applications from 26 companies.

npd-23-licensing-round

When the 23rd licensing round was announced in January 2015, it marked 50 years since the announcement of the very first licensing round on the NCS. For the first time since 1994, new exploration acreage was made available in the southeastern Barents Sea.

Sissel Eriksen, director of exploration, Norwegian Petroleum Directorate, is pleased with the present results of the latest licensing round. “I am eagerly awaiting the result of the first exploration well,” she said.

Three production licenses were awarded in the new area in the southeastern Barents Sea. The authorities have prepared binding work programs that include a requirement for four exploration wells within three years in the three production licenses in the southeastern Barents Sea. Eriksen is hopeful that the first exploration well will be in place as early as next year.

In addition to the three production licenses in the southeastern Barents Sea, Eriksen drew attention to the new blocks awarded in the area surrounding the Alta and Wisting discoveries, with a view to strengthening the resource base for future developments.

She also emphasized that the areas awarded are important in the search for more knowledge about the Barents Sea generally, for the benefit of further exploration of the area.

Source: World Oil