The Norwegian Ministry of Petroleum and Energy has supplied 69 offshore manufacturing licenses to a complete of 28 oil firms below the Award in Pre-Defined Areas 2019 (APA 2019)
The authorities assessed functions from a complete of 33 firms by way of autumn 2019 and awards have been supplied to a broad spectrum of gamers, with mixture of small and medium-sized firms, in addition to main worldwide gamers.Of these, 19 will probably be supplied operatorships.
The 69 manufacturing licenses are positioned within the North Sea (33), the Norwegian Sea (23) and the Barents Sea (13).
18 of the manufacturing licenses are extra acreage to present manufacturing licenses or agreement-based areas.
The licenses are awarded with work-programme commitments or as extra areas to such licenses.
Minister of Petroleum and Energy, Sylvi Listhaug, mentioned, “Hopefully, the exploration within the awarded acreage will end in new discoveries. This is necessary to make sure employment, value-creation and future authorities income for Norway’s largest trade.”
The APA licensing rounds cowl probably the most explored areas on the Norwegian shelf.
Torgeir Stordal, head of exploration on the Norwegian Petroleum Directorate, mentioned, “It is encouraging that firms present willingness to check new exploration ideas. Many are additionally specializing in proving sources close to present infrastructure. This mixture is necessary for continued worth creation on the Norwegian Shelf.”
One of the first challenges in mature areas is the anticipated decline in discovery dimension.
According to Norwegian Ministry of Petroleum and Energy, smaller discoveries could not have the ability to carry standalone developments, however can have good profitability when making use of present and deliberate infrastructure. It may also be seen in context with different discoveries or deliberate developments.