Norway awards highly prospective Arctic acreage

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23 May 2016

Norway awards highly prospective Arctic acreage

Report summary

The culmination of Norway’s highly anticipated 23rd Licensing Round saw 10 Arctic licences awarded to 13 companies. Three awards were in the newly opened Southeast Barents near Russia. The awards are announced at a time when most companies are cutting costs, slashing their exploration programs and delaying high-risk wells to focus on near-field activities.  However, with several stacked prospects already identified and resource estimates in excess of one billion barrels, drilling success in the Southeast Barents could be the opening of a major new oil and gas province in Norway.

Table of contents

  • First licences awarded in Southeast Barents
  • Statoil and Lundin take the spoils
  • Creating value in a challenging environment
  • Five wells to be drilled by 2019

Tables and charts

This report includes 2 images and tables including:

  • Norwegian Barents Sea 23rd Round awards
  • Typical evolution of exploration strategies in the downturn

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