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Norway Announces Public Consultation on 25th Licensing Round

Source: www.gulfoilandgas.com 7/1/2020, Location: Europe

Norway's Ministry of Petroleum and Energy proposes to announce nine areas in the 25th licensing round, divided into eight areas in the Barents Sea and one area in the Norwegian Sea. Numbered licensing rounds are conducted in lesser-known areas. The proposal is now submitted for public consultation.

'Regular access to new exploration area is crucial to maintaining activity on the Norwegian continental shelf. By initiating the 25th licensing round while also having the annual allocations in predefined areas - APA, the oil and gas industry gains access to land in both lesser-known and well-known areas. The licensing rounds are one of the pillars of petroleum policy,' says Minister of Petroleum and Energy Tina Bru.

The main objective of the government's petroleum policy is to facilitate profitable oil and gas production in a long-term perspective. Predictable framework conditions are an important part of this. The completion of the 25th licensing round is a direct follow-up to the Granavolden platform.

'The last few months have been particularly challenging, also for the oil companies and the supplier industry. It is important not to lose sight of the more long-term prospects of a crisis. We need new discoveries to maintain employment and value creation going forward. I have good faith that the opportunities we now offer in the Barents Sea and the Norwegian Sea will be attractive to the companies and contribute to increased value creation and activity in the north in the long term, the Minister of Petroleum and Energy continues.'

The consultation deadline for the 25th licensing round is set for 26 August 2020.

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