By Lars Erik Taraldsen (Bloomberg)
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.
“The number of companies is relatively low, but it’s not a big surprise,” Oil and Energy Minister Tina Bru said in an email. There’ll still be “increased petroleum activity in the Barents Sea for decades to come,” she said, citing the Goliat and Snohvit fields already on-stream and several projects under development.
Norway Opens Swath of Barents Sea Acreage to Licensing
Additional acreage in the North and Norwegian seas are also available in the 2021 round. February 25, 2021
Awards for the newly announced Norwegian licensing round are planned for early 2022.
Norway launched a consultation on a 2021 licensing round in mature areas in which it offered 84 new blocks for oil and gas exploration, including 70 in the Arctic Barents Sea.
New blocks being offered are located southeast of Bear Island, roughly halfway between the Arctic Svalbard Archipelago and mainland Europe.
Four new blocks are offered in the North Sea and 10 in the Norwegian Sea, the Norwegian ministry added in a statement.
Norway offers 84 exploration blocks in 2021 licensing round theglobeandmail.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theglobeandmail.com Daily Mail and Mail on Sunday newspapers.
Minister says access to new areas key for oil industry’s growth Greenpeace says Norway should move away from fossil fuels Norway is western Europe’s largest petroleum producer (Adds Greenpeace comment)
OSLO, Feb 25 (Reuters) - Norway launched a consultation on Thursday on a 2021 licensing round in mature areas in which it offered 84 new blocks for petroleum exploration, including 70 in the Arctic Barents Sea.
The maps attached to a statement by the Petroleum and Energy Ministry showed new blocks offered southeast of Bear Island, roughly half way between the Arctic Svalbard Archipelago and mainland Europe.
Four new blocks were offered in the North Sea and 10 in the Norwegian Sea, the statement said.
UPDATE 1-Norway offers 84 exploration blocks in 2021 licensing round reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.