High Number of Applications for Barents Sea Petroleum Exploration

The Norwegian Ministry of Oil and Energy announced that it has received a high number of applications from a total of 33 oil companies in relation to the annual license round for petroleum exploration on the Norwegian shelf (TFO 2020).

The companies range from large multinational corporations to mid-sized and even small exploration companies, according to the Ministry. The Ministry aims to grant new exploration licenses in the areas announced by early 2021. The Ministry does not disclose the exact number of applications due to competition considerations.

A total of 136 license areas were on offer, out of which 125 are located in the Barents Sea.