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High Interest in Exploration for New Norwegian Licensing Round

Source: www.gulfoilandgas.com 9/7/2018, Location: Europe

The Ministry of petroleum and Energy has received a large number of applications for new exploration acreage in the licensing round Awards in Predefined Areas (APA) 2018.

- The fact that the oil companies show such high interest in exploration on the Norwegian Continental Shelf is important for future value-creation, employment and state revenue from Norway's largest and most important industry. I am therefore very pleased that we also this year have received a large number of applications from a broad range of companies, says Norwegian Minister of Petroleum and Energy Kjell Borge Freiberg (The Progress Party).

Awards in Predefined Areas (APA) is the annual licensing round for the best know areas on the Norwegian Continental Shelf, and includes large parts of all available exploration acreage.

The high interest in new production licenses continues into 2018. At the application deadline on September 4th , the ministry had received applications from a total of 38 companies for new awards in the licensing round APA 2018. The 38 companies constitute a broad variety of companies, and range from the large international companies to the mid-sized companies and the smaller exploration companies. Both the number of applicant companies and the total number of applications are almost as high as in last year's record-breaking licensing round.

- Predictable and stable framework-conditions and an active licensing policy are two important main pillars in the Governments petroleum policy. The high interest in the licensing rounds over the last few years shows that the Government's petroleum policy has the desired effect, Minister Freiberg continues.

The APA-area is expanded as knowledge about the geology in areas on the NCS increases. The predefined area was significantly expanded in both the Norwegian Sea and the Barents Sea during the preparation for this year's licensing round. Interesting applications have been received both in the new expansions as well as in the previously announced APA-areas.

APA 2018 was announced on the 9th of May 2018. The Ministry's objective is to award new production licenses in the announced areas at the beginning of 2019.

There is more information about the APA 2018 licensing round here, including maps over the announced areas.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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