Norway awards 47 oil and gasoline exploration permits

Norway’s Oil and Vitality Minister Terje Aasland talks to members of the media in Oslo, Norway on September 19, 2022. (Gwladys Fouche / Reuters File Picture)

SANDEFJORD, Norway — Norway has awarded 47 new offshore oil and gasoline exploration permits to 25 corporations in its newest mature areas licensing spherical, the vitality minister mentioned on Tuesday.

“Right this moment’s award is a vital contribution to making sure that Norway stays a secure and predictable provider of oil and gasoline to Europe,” Minister of Petroleum and Vitality Terje Aasland informed an trade convention in Sandefjord in southern Norway.

The federal government stays dedicated to sustaining industrial exercise on the Norwegian continental shelf, he mentioned.

Every of the 47 drilling permits — 29 within the North Sea, 16 within the Norwegian Sea and two within the Arctic Barents Sea, can have a number of homeowners.

Norwegian state-controlled vitality main Equinor was the only greatest recipient with stakes in 26 of the licenses, of which it is going to be the operator of 18.

Norway overtook Russia as Europe’s greatest gasoline provider final 12 months, after Moscow lower off a lot of its provide.

Norway’s oil output is anticipated to rise by 6.9 p.c this 12 months whereas gasoline volumes are predicted to stay unchanged close to file highs, the Norwegian Petroleum Directorate (NPD) mentioned on Monday.

Norwegian impartial oil agency Aker BP received stakes in 17 licenses, of which the need function 9, whereas Eni’s Norwegian subsidiary Vaar Vitality received stakes in 12 licenses, together with 5 operatorships.

Amongst different worldwide gamers, Germany’s Wintershall Dea received stakes in 11 licenses and will probably be operator of three of them.

Norway’s awards in pre-defined areas (APAs) are licenses to probe for oil and gasoline in mature areas.

Reporting by Nora Buli and Nerijus Adomaitis.