On 14 January, the Ministry of Petroleum and Energy awarded 69 production licences in APA (Awards in pre-defined areas) 2019. Petoro received a total of 14 licences for administration, 7 in the North Sea, 3 in the Norwegian Sea and 4 in the Barents Sea.

The 69 production licences are distributed between the North Sea (33), the Norwegian Sea (23) and the Barents Sea (13).

The APA licensing rounds comprise the most explored areas on the Norwegian shelf. The challenges encountered in mature areas are particularly linked to the decline in the expected size of discoveries. Small discoveries cannot carry a stand-alone development, but may have good profitability when they can utilise existing and planned infrastructure, or when they can be viewed in context with other discoveries or planned developments. That is why timely discovery and exploitation of such resources is so important.

About Petoro

Petoro is a state-owned limited company which manages the SDFI in the Norwegian oil and gas sector. These holdings comprise a third of Norway’s oil and gas reserves and associated facilities.