Ministry of Petroleum and Energy announces 24th licensing round

STAVANGER -- The Ministry of Petroleum and Energy (MPE) has announced the 24th licensing round. In this round, 102 blocks/parts of blocks will be announced, divided among nine in the Norwegian Sea and 93 in the Barents Sea.

“The Norwegian Petroleum Directorate’s analyses show that the greatest undiscovered resource potential on the Norwegian shelf is in the Barents Sea. It is therefore important to facilitate acreage for petroleum activities in this sea area,” says Sissel Eriksen, exploration director.

“The interest there is substantial, which is reflected by the fact that 2017 will be a record-year with regard to exploration wells drilled in the Barents Sea. Several of these will also be significant for the blocks now being announced in the 24th round,” says Eriksen.

In addition to the many exciting areas in the Barents Sea, several attractive areas in the Norwegian Sea will also be announced in this round.

“This licensing round will contribute to maintaining a high activity level and we look forward to the results in the years to come.”

The application deadline is set at Nov. 30, 2017 at 12:00. Leading up to the application deadline, the NPD will map the announced blocks in detail to obtain a better overview of the geology.

The Government aims to award new production licences in the first half of 2018.