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15 January 2025

Daily Newsletter

15 January 2025

Norway awards 53 offshore exploration licences amid protests from environmental groups

The latest round included the award of 33 licences in the North Sea, an increase from the previous year.

Tiash saha January 15 2025

The Norwegian Government has awarded stakes in 53 offshore oil and gas exploration licences to 20 companies in the annual predefined area (APA) 2024 licensing round.

However, the number of licences has decreased from the 62 awarded the previous year, and the count of companies receiving permits has also fallen from 24, reported Reuters.

In the latest round, 33 licences were awarded in the North Sea, an increase from the previous year, while the Norwegian Sea saw a decrease to 19 licences, and the Barents Sea was allocated just one licence, down from eight.

The government decided in May last year to include 37 new blocks in the Norwegian and Barents Seas, citing the need for more exploration to secure future Norwegian petroleum production.

Following Russia's invasion of Ukraine in 2022, Norway has emerged as Europe's largest supplier of natural gas, providing around 30% of the EU's gas imports. The country has also partly compensated for the Russian oil barrels banned by the EU.

The announcement of these awards was met with protests against Norway's oil and gas policies from environmental activists including Greta Thunberg.

Thunberg was quoted by Reuters as saying: “We are in a fast-escalating climate crisis, which is threatening us and everything that we love. We have a moral responsibility to act.”

State-controlled Equinor has been awarded stakes in 27 licences, with seven under its operation.

Aker BP, the second-largest listed oil company, has received stakes in 19 licences, of which it will operate 16. The company is set to drill an exploration well in the North Sea and the Norwegian Sea by the second quarter of 2025.

Aker BP Exploration and Reservoir Development SVP Per Øyvind Seljebotn said: “Although the shelf is maturing, we manage to continuously identify new opportunities. Leveraging new technology, digitalisation and investments in new data are crucial for creating good exploration opportunities for many years to come and ensuring growth and innovation in our sector.”

Other companies offered parts in licences include Vår Energi with 16 licences, DNO Norge with 13 licences and ConocoPhillips Skandinavia with three.

Concedo, Harbour Energy Norge, INPEX Idemitsu Norge, Norske Shell, OMV, Orlen Upstream Norway, Sval Energi and TotalEnergies EP Norge were among the other companies that also secured parts in licences.

The Energy Ministry plans to launch the next APA round, focusing on the Arctic, by proposing to expand 76 blocks, 68 of which are in the Barents Sea and the remainder in the Norwegian Sea.

Minister of Energy Terje Aasland said “Continued development of the Norwegian Continental Shelf is important for employment, value creation and the ripple effects of petroleum activities on the mainland going forward.

“We need new discoveries to ensure that Norway can remain a stable and predictable supplier of oil and gas to Europe. It is therefore very positive to see such great interest in new exploration areas.”

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