Norway’s upstream regulator is calling on companies with offshore assets in Norway to suggest blocks for the next licensing round.
Nominations for the 26th leasing round for the Norwegian continental shelf (NCS) are due October 1, the Norwegian Offshore Directorate (NOD) said in a statement on its website. Areas that could be nominated are spread across Norway’s side of the Barents Sea, the Norwegian Sea and the Norwegian sector of the North Sea.
“Available attractive acreage is the key to ensure continued high activity in the industry”, the NOD said.
Numbered licensing rounds offer opened, frontier parts of the NCS with the greatest potential for large discoveries, according to the NOD.
“The total number of nominated blocks should be limited to no more than 15”, the NOD says on an information page for the upcoming round.
Companies cannot nominate areas included in Awards in Pre-Defined Areas (APA), the page says.
The Energy Ministry launched the process for the 26th licensing round last month.
“The companies’ input in the nomination process, together with the Offshore Directorate’s own subsurface assessments, will form the basis for the Directorate’s petroleum-related recommendation to the Ministry on which acreage should be announced in the 26th licensing round”, the ministry said in a press release August 12.
Energy Minister Terje Aasland commented, “Norway will remain a long-term supplier of oil and gas to Europe, while the Norwegian continental shelf will continue to create values and jobs for our country. To deliver on this commitment, we must make more discoveries – and to make more discoveries, we must explore”.
Last week the NOD said 20 companies had applied for the 2025 APA, signaling “significant interest in exploring new acreage in mature areas of the Norwegian continental shelf”.
“We note that most of the companies that are active on the Norwegian continental shelf (NCS) have submitted applications in this year’s APA round, and the applications confirm considerable interest in exploration near existing fields and infrastructure”, the NOD said in a statement September 4.
“The Norwegian Offshore Directorate is now working to evaluate the applications, with emphasis on geological comprehension and plans for exploration of the areas.
“When production licenses are awarded, emphasis is also placed on the companies’ technical expertise and experience, as well as financial strength”.
New production licenses under the 2025 APA are expected to be awarded early next year, it said.
As of year-end 2024 estimated resource volumes on the NCS rose 36 million standard cubic meters of oil equivalent (scmoe) year-on-year to 15.61 billion scmoe – before accounting for production, according to a report by the NOD February 2025.
The total figure consisted of 8.73 billion scmoe produced, 2.26 billion scmoe of reserves, 651 million scmoe of contingent resources in fields, 472 million scmoe of contingent resources in discoveries and 3.5 billion scmoe of undiscovered resources.
The produced volume increased 239 million scmoe from 2023, while reserves fell 205 million scmoe. Total contingent resources declined 17 million scmoe against 2023. Undiscovered resources grew 20 million scmoe against 2023.
The increase in undiscovered resources came from opened areas, with no change in undiscovered resources in unopened areas. “This change results from a reduction in undiscovered resources in the North Sea, coupled with increases in the Barents Sea and in the Norwegian Sea”, the report said.
“Large areas in the Barents Sea have yet to be opened for petroleum activity, and this is where the greatest expected value for undiscovered resources can be found”, it said.
Source: By Jov Onsat from Rigzone.com