Norway's Offshore Licensing Round Gains Momentum

Norway's annual offshore exploration licensing round attracted bids from 21 petroleum firms, including Shell and Equinor. Energy Minister Terje Aasland emphasized the need for further exploration to maintain production. The predefined areas exploration is crucial for Norway's oil strategy, despite environmental opposition.

Norway's annual offshore exploration licensing round in mature areas has drawn bids from a diverse range of 21 petroleum firms, inclusive of industry giants like Shell, Aker BP, and Equinor, according to an announcement by the country's oil and energy ministry on Friday.

Energy Minister Terje Aasland remarked in a statement, 'We need further exploration to make new discoveries which in turn pave the way for investments to maintain production.' In May, the ministry had extended an offer for 37 new blocks for oil and gas exploration in the Norwegian and Barents Seas as part of its predefined areas (APA) exploration round.

The annual predefined areas rounds are a critical element of Norway's strategy to extend its oil and gas production—a policy that faces stiff opposition from environmental groups.

(With inputs from agencies.)