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New Exploration Award Secures on the Norwegian Continental Shelf

Source: 1/14/2020, Location: Europe

The Norwegian Ministry of Petroleum and Energy offers 69 production licenses on the Norwegian continental shelf in the Award in Pre-Defined Areas 2019 (APA 2019).

- I am proud to offer 69 new production licenses in this year's APA round. The companies show great interest in further access to new exploration acreage. This means that the industry believes in future value creation on the Norwegian continental shelf, says Minister of Petroleum and Energy, Sylvi Listhaug.

The 69 production licenses are located in the North Sea (33), the Norwegian Sea (23) and the Barents Sea (13). A total of 28 different oil companies, ranging from the large international majors to smaller domestic exploration companies, are offered ownership interests in one or more production licenses. Of these, 19 will be offered operatorships. The licenses are awarded with work-programme commitments or as additional areas to such licenses.

- Hopefully, the exploration in the awarded acreage will result in new discoveries. This is important to ensure employment, value-creation and future government revenue for Norway's largest industry, says Listhaug.

The APA licensing rounds cover the most explored areas on the Norwegian shelf. One of the primary challenges in mature areas is the expected decline in discovery size.

Smaller discoveries may not be able to carry standalone developments, but can have good profitability when making use of existing and planned infrastructure. It can also be seen in context with other discoveries or planned developments. Timely discovery and exploitation of such resources is therefore important.

Offer of licenses to 28 licensees (Number of licenses /operatorships)

Aker BP (15/9)
AS Norske Shell (5/2)
Capricorn (3/3)
Chrysaor (8/3)
Concedo (4/0)
ConocoPhillips (5/3)
DNO (10/2)
Edison (2/1)
Equinor (23/14)
Idemitsu (2/0)
INEOS (2/1)
Lime (2/0)
Lotos (2/0)
Lundin (12/7)
Neptune (13/4)
OKEA (5/2)
OMV (4/1)
ONE-Dyas (3/0)
Pandion (3/0)
PGNiG (3/0)
Repsol (1/0)
Source (3/0)
Spirit (6/1)
Suncor (5/2)
Total (2/1)
V?r Energi (17/7)
Wellesley (7/3)
Wintershall Dea (9/3)

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

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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