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Norway awards highly prospective Arctic acreage

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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.

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

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