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Wintershall Secures Barents Exploration License in Norwegian 22nd Round

Source: 6/19/2013, Location: Europe

Wintershall Norge has secured a participating interest in one of the new Barents Sea exploration licenses awarded in the 22nd Licensing Round on the Norwegian Continental Shelf.

The Ministry of Petroleum and Energy (MPE) awarded Wintershall Norge a 20 per cent partnership on license 721 in the Barents Sea. RWE Dea will be the operator on the license with a 40 per cent stake. OMV and Repsol have 20 per cent each. This is the 6th consecutive year Wintershall Norge has been awarded acreage on the NCS since it bought Revus Energy in 2008. Arild Kjeldstad, Wintershall Norge acting exploration manager said the new license gave the company a toehold in a promising new part of the Norwegian Continental Shelf.

"The Barents Sea is a very exciting new area of exploration for Wintershall Norge and the whole of Norway," he said. "With maturing fields in the North Sea and Norwegian Sea, the Barents offers a great opportunity for responsible companies to continue making finds on the Norwegian Continental Shelf."

Wintershall is now looking forward to the 23rd round when the first licenses in Norway’s share of the formerly disputed area between Russia and Norway will become available.

"Competition for exploration licenses is very strong in Norway. We would have preferred to have secured more acreage in the 22nd Round. But we have already begun preparing for the 23rd round and hope to secure more licenses next time," said Kjeldstad.

The Norwegian Government awarded 24 production licenses in the 22nd licensing round – 20 in the Barents Sea and four in the Norwegian Sea. Twenty-nine different companies secured interests in the fields. "Interest in our northernmost seas has increased in recent years. We are now laying the foundation for long-term and efficient exploration of our northern seas, in both the Barents Sea and Norwegian Sea. This will promote further growth and employment not only in the north of Norway but also in the rest of the country," Minister of Petroleum and Energy Ola Borten Moe said in a statement.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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