Norway’s Ministry of Petroleum and Energy saw an increased exploration interest for the Norwegian Continental Shelf, as it has received a great number of applications from 33 oil companies in the licensing round Awards in Predefined Areas (APA) 2019.
This shows that there is a high interest from the companies, and that they want to contribute to long-term value creation on the Norwegian Continental Shelf. Identifying more resources through exploration is vital for Norwegian employment, future value-creation and our welfare state,
…says Norwegian Minister of Petroleum and Energy, Mr. Kjell Børge Freiberg.
Awards in Predefined Areas (APA) is an annual licensing round for the best know areas on the Norwegian Continental Shelf. It includes large parts of all available exploration acreage.
At the application deadline 27 August, the Ministry had received applications from a total of 33 companies.
The applicants constitute a broad variety of companies, ranging from large international companies to mid-sized companies and small exploration companies.
Both the number of applicant companies and the total number of applications are high, and at a level comparable to the last few years’ very large licensing rounds, the Ministry said.
Predictable and stable framework-conditions and an active licensing policy are two of the main pillars in the Governments petroleum policy. We have continued to expand the APA-area considerably based on professional advice. The high interest in the licensing rounds over the last few years shows that the NCS is competitive, and 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.
APA 2019 was announced May 29, 2019. The Ministry’s objective is to award new production licenses in the announced areas at the beginning of 2020.
