57 New Oil and Gas Licences in Norwegian Waters

The Norwegian Ministry of Energy has awarded shares in 57 new licences for oil and gas extraction on the Norwegian continental shelf, the authority writes in a press release.

Five of the licences are in the Barents Sea, while 21 are in what is known as the Norwegian Sea and 31 are in the Norwegian part of the North Sea.

The shares are divided among 19 different companies.

‘Norway is Europe’s most important energy supplier, but in a few years’ time, production will begin to decline. That is why we need new projects that can slow down the decline and maximise production,’ said Terje Aasland, Norway’s Minister of Energy, according to the press release.