Norway adds more acreage for Arctic oil, gas exploration (updated)

Okea ASA

08/05/2024 11:24

(Adds quotes, detail in paragraphs 2-5)
       OSLO, May 8 (Reuters) - Norway offered 37 new blocks to
explore for oil and gas in the Norwegian and the Arctic Barents
Seas in its so-called APA round, in line with plans first
outlined in January, the country's energy ministry said in a
statement on Wednesday.
    The deadline for individual oil firms to apply for the new
acreage is Sept. 3, and a decision on awards is expected in
early 2025.
    "We need further exploration to make new discoveries that in
turn pave the way for investments to maintain production,"
Minister of Energy Terje Aasland said in a statement.
        "This is important to safeguard jobs, income for the
community and Europe's energy security," he added.
  
        The 
    annual
     predefined areas (APA) rounds of exploration acreage are
central to Norway's strategy of extending its oil and gas
production, a policy fiercely opposed by environmentalists.
  

 (Reporting by Terje Solsvik, editing by Essi Lehto and Louise
Rasmussen)
 ((terje.solsvik@thomsonreuters.com; +47 918 666 70;))