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    North Sea oil, gas industry to reach significant milestones due to investment increases, exploration, production success

    Oceaneering introduces new USV service for remote survey work at Offshore Europe 2023

    Oceaneering introduces new USV service for remote survey work at Offshore Europe 2023

    Oceaneering wins two contracts totaling over $100 million for work offshore Angola, Guyana

    Oceaneering wins two contracts totaling over $100 million for work offshore Angola, Guyana

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    Azerbaijan: Inauguration of the Absheron gas field

    Azerbaijan: Inauguration of the Absheron gas field

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    Equinor awards COSL Offshore Management two drilling contracts worth $369 million

    Petronas hires Maersk semi-submersible for Suriname exploration

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    Bahamas Petroleum signs rig contract for exploration well

    Neptune Energy begins drilling at first Egyptian exploration well

    Baker Hughes launches AI software to optimise oil and gas production

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  • Projects
    UN Condemns Energy Giants For Ignoring Science of All Things

    Global oil and gas projects pipeline at US$4 trn

    BP begins gas production at West Nile Delta project

    BP begins gas production at West Nile Delta project

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

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    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    BHP successful in bids for blocks in the offshore Orphan Basin in Eastern Canada

    Operational excellence and safety continue to be a key driver in oil and gas sector

    Gazprom plans to carry forward cost efficient in 2018

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  • Whitepapers

    OGA 2017 Post Show Report

    US Polyethylene Export Market Report 2017-2020

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    Embedded SSD Flash Management

    Enterprise SSD: More Than Just a New Kind of Hard Drive

    Efficiency, Visibility and Reliability Keys to lower costs and greater profitability in oil and gas operations

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    Breaking the Application Barrier: Why Data is the Most Valuable Asset in the Oil and Gas Industry

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  • Press Releases

    17th International Conference “LUBRICANT MARKET 2023”

    bp and Oman form strategic partnership to progress significant renewable energy and hydrogen development

    Saudi Arabia’s NEOM hydrogen mega-project cost soars to $8.5 billion

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    chevron invests in carbon capture and removal technology company, svante

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    N’GENIUS solution on the horizon for oil, gas and LNG industry

    QatarEnergy, GE to develop carbon capture roadmap

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  • Market Reports
    CNOOC Limited Announces Caofeidian 11-1/11-6 Oilfield Comprehensive Adjustment Project Commences Production

    Vital Energy acquires oil production assets in Permian basin for $128 million

    INPEX sells Eagle Ford tight oil production and development assets to Repsol

    Matador Resources acquires Delaware basin assets for $1.6 billion

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    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

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    Aramco announces second quarter and half-year 2021 results

    Aramco announces second quarter and half-year 2021 results

    Empire Petroleum buys US oil and gas assets from ExxonMobil

    Empire Petroleum buys US oil and gas assets from ExxonMobil

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Norway Plans To Offer Record 92 Oil & Gas Exploration Units

venkat by venkat
January 25, 2023
in News, Upstream
0

Norway on January 24 expressed that it plans to offer energy companies a record number of blocks in the Arctic for oil and gas exploration. The fact is that the Scandinavian country is looking to prolong its hydrocarbon production. Although, the green campaigners have criticized this step as it involves risk to the environment.

Norway, which happens to be Europe’s largest supplier of gas and a major crude exporter, has put forth 78 blocks across energy firms in the Barents Sea, which is the most since the time the APA licencing took place in 2003.

Oslo is also planning to give out 14 new blocks across the Norwegian Sea, which spreads through the north of the North Sea, right above the arctic circle, thereby bringing the total number of listed blocks to 92.

In 2022, the Norwegian government had added just about 28 blocks in total to the licencing round of the APA.

As per a statement released by the Terje Aasland, Norway Oil and Energy Minister, to ease new discoveries up north is very critical for the region, the country as well as entire Europe.

Norway’s insistence to keep producing oil and gas is a result of contradictory pressures on the energy firms, with the requirement on the one hand for hydrocarbon production that is not from Russia and on the other to diminish the effects of climate change. As per the estimates from a Norwegian official, it is well to be taken into account that the Barents Sea may have two-thirds of the oil and gas that is yet to be explored.

Socialist Left- SV, a lawmaker from the left-wing in November last year went on to negotiate with the Norwegian cabinet that there will not be any licensing round across the frontier regions during the current parliaments life that ends in 2025.

But this does not stop the government from giving out oil licences to oil firms in a distinct APA licencing round that offers regions with well-known geology as well as near existing infrastructure. Notably, at that point in time, the oil minister Aasland had said that the significance of numbered rounds has plunged in the years that have gone by, and according to him, what made the difference in maintaining the activity was the APA round.

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