Norway opens waters to energy bidding

By Daniel J. Graeber Follow @dan_graeber Contact the Author   |   April 4, 2014 at 9:40 AM
| License Photo

OSLO, Norway, April 4 (UPI) -- The Norwegian Ministry of Petroleum and Energy announced it was opening up acreage on its continental shelf to energy explorers.

The ministry said Thursday it was opening up six blocks in the Norwegian Sea and three blocks in the Barents Sea to bidders.

The government offered no estimate of the reserve potential from the acreage, though the ministry said most of the blocks are in mature oil and gas regions.

The Norwegian Petroleum Directorate said it expected its estimate of offshore reserves could grow by 7.5 billion of oil during the next decade.

Norway is the European leader in oil production. In January, the last full month for which data are available, production averaged about 1.6 million barrels per day.

NPD Director Jan Bygdevoll said cost trends in the energy industry "pose a challenge" to increasing recovery from Norwegian oil and gas fields.

Applications for the Norwegian and Barents Seas acreage are due Sept. 2. Awards will be announced during the first quarter of 2015.

Related UPI Stories
Latest Headlines
Trending Stories
Vatican: Pope's meeting with Kim Davis not a show of support
Potential male contraceptive found in study with mice
Cancer and height are linked, new study shows
Hacker may have exposed data of 15 million T-Mobile customers
Education Secretary Arne Duncan to step down in December