Filter news

57359 articles online
Opinion & Comm.
Keyword

All words
Any words

Added
 

Article Tools

 

Norway to focus on Arctic oil licensing rounds

Friday, March 30, 2012
  • Arctic region blocks dominated its licensing for both mature and frontier areas.

Norway today has gone ahead with its offshore oil and gas exploration licensing rounds. According to the oil ministry this focuses on its increasingly vital Arctic region and sharply cutting offerings in the North and Norwegian Seas.

Norway said Arctic region blocks dominated its licensing for both mature and frontier areas while the number of North Sea areas would be sharply reduced.

"The proposal I am submitting for consultation is based on the companies' nominations and indicate very clearly that the petroleum industry is moving north," Oil Minister Ola Borten Moe said in a statement.

Frontier area licensing rounds are set to include 86 blocks, 72 of these are in the Arctic Barents Sea and 14 are in the Norwegian Sea.

Separate licensing rounds for mature areas will include 48 blocks or partial blocks. 33 of these blocks are located in the Barents Sea, 12 in the Norwegian Sea and two in the North Sea.

Most blocks are near current operations. This allows the energy firms to tie in new discoveries into existing infrastructure, the ministry said.

"Discoveries can be tied into existing infrastructure and there may also be a potential for independent developments," Borten Moe said.

"The result is extended lifetimes for existing infrastructure and production from new discoveries, in other words a win-win situation," Borten Moe added.

The Skrugard and Havis oilfields were last years large Arctic discoveries and are estimated to hold 400 million to 600 million barrels of oil equivalent.

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

Related News

Join 70,000 other oil and gas professionals

Network with others, build your profile, and receive the latest oil and gas news in your inbox. It's free!

Your details are never shared or sold. We hate spam too.

Key Supporters


 

» More Jobs       » Upload a free Job       » Upload your CV

More Europe Jobs

More Global Jobs

Opinion & Commentary

  • What ails the North Sea?
    There is a need to act before the North Sea ‘fails’ economically Despite continuing high oil prices, the mature UKCS and NOCS producing provinces continue to b ...
  • Oil and cash flow: the Kurds' conundrum
    Some ten days ago, the Kurdistan Regional Government (KRG) were reported to have sent Peshmerga units into the Bai Hassan and Kirkuk oil fields - formerly under ...

» More Opinion & Commentary         » Write for us             RSS RSS

OilVoice Magazine
Oil Echo
Oil Earth

Opinions & Commentary

How will independence affect the oil and gas industry in the North Sea?

by Matthew Foster

Read More »