Norway oil and gas exploration round attracts bids from 25 companies (updated)

Okea ASA

29/08/2023 09:07

(Adds quote in 3rd paragraph, background in paragraphs 4-5 and
7-8, petroleum directorate statement in 6th paragraph)
    By Nerijus Adomaitis
       OSLO, Aug 29 (Reuters) - Norway's annual offshore
exploration licensing round in mature areas attracted bids from
25 oil and gas firms, including Shell  RDSa.L , ConocoPhillips
 COP.N , Aker BP  AKRBP.OL  and Equinor  EQNR.OL , the country's
energy ministry said on Tuesday.
    In May, the ministry offered 92 new blocks to search for oil
and gas in the Norwegian and the Barents Seas in the so-called
pre-defined areas (APA) exploration round.
    "Without exploration and new discoveries, we will neither be
able to maintain production of oil and gas over time nor further
develop the petroleum sector and all jobs in the industry,"
Terje Aasland, the oil and energy minister, said in a statement.
        In recent years, Norway used annual APA rounds to
significantly expand exploration acreage on the Norwegian
Continental Shelf (NCS), especially in the Arctic Barents Sea,
despite protest from environmentalists.
  
        The latest offer added 78 new blocks in the western part
of the Barents Sea and 14 blocks in northwestern part of the
Norwegian Sea to the already existing APA area.
  
        The Norwegian Petroleum Directorate (NPD) in a separate
statement said almost all companies active on the NCS had
submitted, with increased interest in the Barents Sea. It didn't
say how many blocks companies had bid for.
  
        Oil and gas companies can also apply for the blocks
offered in the previous APA rounds, which had not been awarded,
including in the North Sea.
  
        The oil and energy ministry plans to announce the
winners of new acreage in early 2024.
  

 (Reporting by Nerijus Adomaitis, additional reporting by Nora
Buli, editing by Terje Solsvik)
 ((nerijus.adomaitis@thomsonreuters.com; +47 9027 6699; Reuters
Messaging: nerijus.adomaitis.thomsonreuters@reuters.net))