Petra Pleased with Norway's Fallow Acreage Incentives

The Norwegian Government has now approved arrangements that to a higher degree will equalize old and new license terms on the Norwegian Shelf. Prior to 2004 license holders could hold on to exploration licenses for 30 years without further requirements to activities being made.

The area fee is currently being cultivated so as to promote activity or facilitate relinquishment of licenses where there is no exploration activity today a kind of "parking ticket" for oil companies.

If the new arrangement produces the anticipated results, this will impact Pertra's access to attractive exploration acreage significantly. It is pivotal to exploration-focused smaller oil companies that acreage where it is possible to make commercial discoveries be made available through the authorities' licensing rounds. Major undiscovered quantities of petroleum are assumed to be located within licensed acreage on the Norwegian Shelf, and it is important to society that present license holders explore these areas actively or relinquish the acreage.

Consequently, we hope that the authorities will collect small or no area fees; this will prove that the arrangement is working as intended.


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