Norway sees interest in offshore reserves

Sept. 13, 2013 at 8:31 AM

OSLO, Norway, Sept. 13 (UPI) -- The high number of applications for energy work on the Norwegian continental shelf shows there's a high interest in mature areas, the government said.

The Norwegian Ministry of Petroleum and Energy said it received applications from 50 companies for work on the Norwegian continental shelf.

Energy Minister Ola Borten Moe said Friday a high level of interest was needed to ensure long-term and stable production offshore.

"Timely exploitation of the mature areas on the shelf is a prerequisite for achieving this," he said in a statement. "The fact that so many companies have expressed interest in new awards in mature areas is very positive."

The minister said the acreage in question is expected to contain only minor discoveries. Through good resource management, he said history shows there is the potential for further exploitation of existing fields.

The government said last month average daily production of oil and associated products was more than 1.9 million barrels for July, a 15 percent increase from the previous month. Natural gas production of approximately 325 billion cubic feet was 11 percent more than in June.

The government said it plans to award new production licenses for mature fields in January.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Latest Headlines
Top Stories
B-52 bombers demo long reach of U.S. air power
Army orders tactical trucks from Oshkosh
Reddit CEO Ellen Pao offers to improve communication in wake of firing scandal
Report: Brazil's Petrobras wading dark waters
Baker Hughes wins Johan Sverdrup contract