• Natural Gas News

    Norway awards upstream licences

Summary

The 25th round fell short in the Barents Sea

by: William Powell

Posted in:

Complimentary, Natural Gas & LNG News, Europe, Corporate, Exploration & Production, Political, Licensing rounds, News By Country, Norway

Norway awards upstream licences

Norway's energy ministry has awarded seven companies four licences to produce oil and gas, it said June 23. Three are in the Barents Sea, although eight were offered; and one in the Norwegian Sea.

The winners are Anglo-Dutch major Shell, state-owned Equinor, Japan's Idemitsu, the UK's Ineos, Sweden's Lundin, Austria's OMV and Var Energi, the company majority owned by Italy's Eni. Var Energi announced a significant oil and gas find June 22, but in the Norwegian North Sea.

The ministry said the awards were important for employment and value creation in the Norwegian oil and gas industry and the allocations are in line with the goals presented in the White Paper Energy for Work. They are also an important part of the framework conditions for the companies on the Norwegian shelf, said energy minister Tina Bru.

The 25th licensing round was announced on November 19, 2020. The application deadline was February 23, 2021. After the application deadline, the authorities assessed the applications and negotiated with the relevant companies about possible areas and a binding work programme.