Norway will award oil and gas licenses in new offshore areas, including in an important Arctic zone bordering Russia, in the first half of 2016, reported Reuters.
The agency said Norway's oil and energy ministry, which asked companies to nominate blocks where they want to drill earlier this year, expects applications in 2H 2015, making the process longer than in previous rounds, at 24-30 months, compared to 15-18 months in previous rounds.
This is due to the need for more seismic surveying in the areas involved, according to the ministry. One of the areas being opened is the Barents Sea South East zone, which borders Russia, and has only been made available through the resolution of a border dispute with Russia in 2010, but is only covered by 2D data. Work is underway to acquire 3D data in the area.
About 40 oil firms have expressed interest in the round, including Shell, ConocoPhillips, Chevron, BP, and Statoil, together nominating 160 blocks or parts of blocks.
"We are planning for a deadline for applications during the second half of 2015. The awards will then be made in the first half of 2016," oil and energy ministry spokesman Haakon Smith-Isaksen said.
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