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OSLO, May 5 (Reuters) – Norway’s government said on Tuesday it is offering 70 new blocks for energy companies to explore for oil and gas in its annual licensing round as the country seeks to extend the life of its petroleum industry.
The new blocks include 38 areas in the Barents Sea, 10 areas in the Norwegian Sea and 22 areas in the North Sea, with an application deadline of September 1 and final awards expected in early 2027.
The annual predefined area (APA) rounds of new offshore exploration acreage are central to Norway’s strategy of extending oil and gas production for decades to come although activity is widely expected to decrease in the coming years.
The energy ministry also said it has approved a development plan from ConocoPhillips (COP.N) and partners to re-open the Albuskjell, Vest Ekofisk, and Tommeliten Gamma fields that were shut in 2019.
The late-life assets still hold some 90 million-120 million barrels of oil equivalent in natural gas and condensate, according to the companies.
Investments are expected to total 19 billion Norwegian crowns ($2.05 billion), with production to start in 2028 and running until 2048, the ministry said.
($1 = 9.2619 Norwegian crowns)
Reporting by Terje Solsvik and Nora Buli, editing by Louise Rasmussen
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