Norway Gives Oil, Gas Firms First Chance to Drill in Its East Arctic

Norway Gives Oil, Gas Firms First Chance to Drill in Its East Arctic

Reuters

OSLO, Aug 28 (Reuters) – Norway invited oil and gas firms on Wednesday to bid for the first licences to drill in the eastern part of its Arctic waters, three years after it settled a border dispute with Russia.

With oil production on course to fall to a 25-year low this year, Norway is looking to tap reserves further into the Arctic as it runs out of prospects in the North Sea.

Oil and gas firms will have until Jan. 14 to nominate blocks they want to drill, including for the first time in the eastern Barents Sea. The area, as big as Switzerland, is estimated to hold about 1.9 billion barrels of oil equivalent, of which 15 percent is oil, the Norwegian Petroleum Directorate (NPD) said.

Norway and Russia ended a 40-year old dispute over their maritime borders in 2010 but some fields are likely to lie on the border, complicating eventual production, the NPD said.

The government cautioned that only a limited number of licences are likely to be offered in the coveted eastern Barents, as it wants to build up activity gradually and efficiently. It aims to award the licences in the second quarter of 2015.

In its previous round, Norway earlier this year awarded 24 licences to energy firms, including 20 in the western parts of the Barents, where some big discoveries have already been made.

Norway's Statoil was among the biggest winners, taking stakes in seven licences and winning the right to operate three of them, while Italy's Eni also won three operatorships. Russia's Lukoil and Rosneft, newcomers in Norway, also won stakes.

Licences were also awarded to international majors Royal Dutch Shell, BP, ConocoPhillips and Total.

Copyright 2017 Thomson Reuters. Click for Restrictions.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
 Company: BP plcmore info


 - BP Says It Is Considering IPO of US Pipeline Assets (Jul 18)
 - Total, BP Unit, YPF Boost Investment in Argentina's Vaca Muerta (Jul 18)
 - Big Oil Sees Salvation in Gas, But What If It's a Wrong Bet? (Jul 18)
 Company: Lukoilmore info


 - Lukoil Finds Oil at Iraq Well (Feb 22)
 - Lukoil: CEO, VP Sell $34 Million Worth Of Shares (Dec 30)
 - Sources: Russia's Lukoil Appoints New VP For Sales And Supplies (Dec 27)
 Company: Shellmore info


 - BP Says It Is Considering IPO of US Pipeline Assets (Jul 18)
 - Top Oil Market Summons Poseidon to US-Mideast Crude Fight (Jul 18)
 - Big Oil Sees Salvation in Gas, But What If It's a Wrong Bet? (Jul 18)
 Company: Statoilmore info


 - Canada's LNG Failure Is Its Own Fault, Seven Gen Founder Says (Jul 17)
 - Suriname Signs Offshore Oil Deals with Exxon, Hess and Statoil (Jul 14)
 - Statoil Drills Dry Wells Off Canada's Newfoundland (Jul 10)
 Company: Total S.A.more info
 - Total, BP Unit, YPF Boost Investment in Argentina's Vaca Muerta (Jul 18)
 - Big Oil Sees Salvation in Gas, But What If It's a Wrong Bet? (Jul 18)
 - S.Korea's Hanwha Total Says Naphtha Cracker Shut After Lightning Strike (Jul 17)
 Company: ConocoPhillipsmore info


 - ConocoPhillips to Sell Barnett Assets for $305 Million (Jun 29)
 - ConocoPhillips To Lay Off 300 In Canada After Cenovus Deal (May 4)
 - ConocoPhillips Posts Surprise Loss On Higher-Than-Expected Costs (May 2)
 Company: Rosneftmore info
 - New UK Listing Rules Set to Attract State Companies Beyond Aramco (Jul 17)
 - Diplomat: Russia's Rosneft Plans To Open Mozambique Office (Jul 13)
 - Cyber Attack Hits Oil Giant And Banks In Russia And Ukraine (Jun 27)
 Company: ENImore info


 - Mexico Delays Next Oil Auction to Let Huge New Find Sink In (Jul 17)
 - Trump Administration Approves Eni Plan To Drill Offshore Alaska (Jul 13)
 - Total To Drill For Gas Off Cyprus Despite Collapse Of Peace Talks (Jul 12)
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
Executive Assistant
Expertise: Executive
Location: Houston, TX
 
Regional Sales Executive
Expertise: Business Development|Sales
Location: Jacksonville, FL
 
Land Representative - MCBU Midland Surface
Expertise: Landman
Location: Midland, TX
 
search for more jobs

Brent Crude Oil : $49.3/BBL 0.80%
Light Crude Oil : $46.79/BBL 0.70%
Natural Gas : $3.04/MMBtu 0.97%
Updated in last 24 hours