The race to claim a newly opened area of the Barents Sea has started after the Norwegian government invited applications for the next oil and gas licencing round.
But the Norwegian government has warned that it will only make a limited number of blocks available in the region.
The southeastern area of the sea, covering an area equivalent to the size of Switzerland, had been the focus of a border dispute between Norway and Russia which was finally resolved in 2010.
The easing of tensions has opened it up to exploration when the 23rd round of licences is announced, although the Norwegian Petroleum Directorate warned that some fields will lie on the border, potentially complication production.
Fifteen major oil companies recently spent around $2million each on seismic data for the sea and the area around the remote Jan Mayen island in anticipation of the next licencing round.
The opened-up area – equivalent to the size of Switzerland – could hold up to 1.9billion barrels of oil equivalent, sparking interest from BP, Det Norske, Shell and Chevron among others.
“The main focus area for 23 licensing round will be the newly opened southeastern part of the Norwegian Barents Sea,” the ministry said.
“However, for resource reasons, including the need to facilitate the gradual, efficient exploration, only a limited number of blocks are likely to be available in the south east Barents Sea.
Oil and gas firms will have until January 14 to submit their applications for blocks, with licences set to be awarded in spring 2015.
Earlier this year Norway awarded 24 licences in the 22nd round, including 20 in the western Barents Sea where a number of big discoveries have already been made.
