Norway licensing round confirms lure of the mature
A record number of licenses were awarded, in keeping with a rise in exploration activity across the North Sea, though firm work commitments fell
The results of Norway's 24th licensing round, announced on 15 January, suggest that interest in mature areas of North Sea oil is holding up amid lower developments costs and improved seismic data. The so-called awards in predefined areas (APA 2018) is the largest ever award in one round on the Norwegian continental shelf (NCS), with 83 licenses offered. Of these 37 are in the North Sea, 32 in the Norwegian Sea and 14 in the Barents Sea. They went to groups involving 33 different oil companies of varying sizes. "The number of awards shows that the companies believe that more resources remain to be found in areas with known geology and near existing infrastructure," Torgeir Stordal, the Norwe
Also in this section
24 January 2025
Domestic companies in Nigeria and other African jurisdictions are buying assets from existing majors they view as more likely to deliver production upside under their stewardship
23 January 2025
The end of transit, though widely anticipated, leaves Europe paying a third more for gas than a year ago and greatly exposed to supply shocks
23 January 2025
The country’s government and E&P companies are leaving no stone unturned in their quest to increase domestic crude output as BP–ONGC tie-up leads the way
22 January 2025
The return of Donald Trump gives further evidence of ‘big oil’ as an investable asset, with the only question being whether anyone is really surprised
