BP Will Not Participate in Norwegian Licensing Round

BP has thoroughly reviewed the 18th Round acreage and worked the opportunities all the way to the application submission deadline (15th March). However, it was decided that no bid would be submitted.

The reason behind this decision is that the prospectivity in the blocks on offer do not provide a competitive growth opportunity either on a Business Unit or global scale. BP is still keen to pursue exploration open acreage in Mid Norway in the future. The regional evaluation has shown there is exciting prospectivity offshore Lofoten, specifically in the Ribban Basin, and will work with the OLF to ensure that this acreage is included in future Licensing Rounds.