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Norway Sees Dramatic Drop in Interest for Arctic Oil Exploration
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Norway Sees Dramatic Drop in Interest for Arctic Oil Exploration
Business
Date posted: 01.03.2021
Category: Business News
Interest in oil exploration in the Norwegian Arctic has dropped dramatically following years of disappointing drilling results.
Only seven oil companies applied for new acreage in the Barents Sea in the latest licensing round, down from 26 in a similar round in 2013. The continued decline will be a blow to the government, which had offered 125 new blocks in eight frontier regions of the Barents.
Source: Bloomberg