The Norwegian prime minister has vowed to maintain a “steady and predictable” petroleum policy after launching the country’s 24th licensing round.
Prime Minister Erna Solberg said the oil and gas sector would be Norway’s most important industry for decades to come and that the government intended to dish out large numbers of exploration licences.
The Petroleum and Energy Ministry said it expected high levels of exploration activity in the Barents Sea over the next few years with large numbers of licences having been awarded earlier.
Nominations for blocks must be submitted to the ministry by noon on November 30.
Decisions on the award of licences are expected to be revealed before next summer.
Ms Solberg said: “The petroleum industry will be our largest and most important industry for decades to come. This will be facilitated by the Government’s steady and predictable petroleum policy.
“A central element of the policy is to offer a high number of awards in prospective exploration acreage. Starting the 24th licencing round today is a concrete follow-up of this policy.”
Petroleum and Energy Minister Tord Lien said: “Our licensing policy forms the basis for both profitable activity and efficient exploration activity, facilitating continuous exploration activity by oil companies on the Norwegian continental shelf.
“Awarding prospective exploration acreage is a central element in order to maintain employment, activity and high value creation. This is particularly important in the present situation with weaker employment figures in the petroleum industry and related industries.”
