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Norway expands Arctic oil exploration

Norway expands Arctic oil exploration

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The Norwegian Ministry of Petroleum and Energy said on Wednesday that Norway has issued four new exploration licenses in the Arctic border area to support its oil and gas industry and create value and job opportunities.

As part of the 25th round of license issuance, the Norwegian Ministry of Petroleum and Energy has provided 7 companies with shares or operating rights in 4 production licenses, one in the Norwegian Sea and three in the Barents Sea. The so-called numbered permit wheel usually includes the border portion of the Norwegian Continental Shelf (NCS).

According to the Norwegian Ministry of Petroleum, these areas will be the frontier areas most likely to have large newly discovered oil fields.

The Norwegian Energy Minister Tina Bru stated last year when the minister proposed to expand the oil and gas exploration area, Norway needs new discoveries to maintain employment in one of its most important industries and its supply chain, especially after the challenges of the past few months. .

   In the 25th round of licenses, companies can apply for licenses in 9 different regions, of which 8 are in the Barents Sea and one is in the Norwegian Sea.

The ministry said today that after evaluation, Norway has granted shares and/or operating rights to Shell, Equinor, Idemitsu Petroleum, Ineos Exploration and Production Norway, Lundin Petroleum, OMV (Norway), etc.

Earlier this month, the Norwegian government stated that it would bet on offshore wind energy, hydrogen, and electrification to fulfill its commitments under the Paris Agreement, but its oil and gas sector will continue to create jobs, economic growth prospects and long-term growth. Play an important role in national values.

Norway is the largest oil producer in Western Europe and is preparing for the energy transition, but the government’s white paper "Put energy into work" shows that it believes it can develop oil resources within its climate policy to achieve low-emission production.

Minister Bru said: "The main goal of the government's oil policy is to promote long-term profitable production in the oil and gas industry."