The Norwegian government has announced its annual licensing round, under which companies will gain access to 70 blocks on the continental shelf. The move is part of Oslo’s strategy to extend the life of its oil and gas industry.
Of the proposed areas, 38 are located in the Barents Sea, while the rest are in the Norwegian Sea and the North Sea. Applications from energy companies will be accepted until September 1, and the final decision on license awards will be made in 2027.
These annual Awards in Predefined Areas (APA) rounds remain a key instrument of Norwegian energy policy. Although activity is expected to decline in the coming years, the country intends to maintain production for decades ahead.
At the same time, Norway’s Ministry of Energy has approved a development plan by ConocoPhillips and its partners to reopen fields that were shut down in 2019. According to estimates, these late-life assets still contain between 90 million and 120 million barrels of oil equivalent in the form of natural gas and condensate.
Investment in the project is expected to total around $2.05 billion. Production is scheduled to begin in 2028, and operations are planned to continue until 2048.
Norway continues to rely on oil and gas by offering new exploration opportunities while bringing older fields back into production. For companies, this provides access to resources in regions with well-studied geology and developed infrastructure.
Source: Reuters
