Daily Newsletter

31 August 2023

Daily Newsletter

31 August 2023

Norway gets 25 applications for oil and gas licensing round 

Norway intends to grant new production licences in the specified areas starting in 2024.

Shivam Mishra August 30 2023

Norway’s Ministry of Petroleum and Energy has received applications from 25 oil and gas companies for production licences on the Norwegian Continental Shelf.

Aker BP, ConocoPhillips, Equinor, Harbour Energy, Neptune Energy, Repsol, Shell, TotalEnergies and Wintershall Dea are among the companies that have applied.

The applications were submitted as part of the awards in predefined areas (APA) 2023 licensing round, which was announced in May this year.

Beginning in 2024, Norway intends to grant new production licences in the specified areas – 14 blocks in the Norwegian Sea and 78 in the Barents Sea.

Norway’s Minister of Petroleum and Energy, Terje Aasland, said: “Without exploration and new discoveries, we will neither be able to maintain the production of oil and gas over time or further develop the petroleum sector and all the jobs in the industry.

“That the oil companies are showing such great interest in the awarding of new production licences and exploration on the Norwegian Continental Shelf is therefore very good.”

According to the Norwegian Petroleum Directorate (NPD), nearly all oil and gas companies operating on the Norwegian shelf have submitted applications in APA 2023.

With an emphasis on geological knowledge and plans for studying the areas, the NPD is now starting the process of reviewing the applications.

In January this year, Norway awarded 47 new offshore oil and gas exploration licences to 25 energy companies as part of APA 2022.

Quantum computers could transform oil and gas research

Although quantum computing is still in the R&D stage, its potential use cases in the oil and gas industry are numerous and are likely to expand. Oil majors, such as BP and ExxonMobil have joined IBM’s Q Network to develop quantum computers that will increase the understanding of subsurface geology. Companies are also looking at these computers to study molecular modeling and emission mitigation. Besides, the long-standing problems of matching demand with production and optimizing supply chains could be solved using quantum computing.

Newsletters by sectors

close

Sign up to the newsletter: In Brief

Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Thank you for subscribing

View all newsletters from across the GlobalData Media network.

close