OSLO, Norway, March 30 (UPI) -- The Norwegian Ministry of Petroleum and Energy announced the start of its annual licensing round for mature areas on its continental shelf.
The area in the licensing round includes 48 more blocks or partial blocks than last year in the North, Norwegian and Barents Seas.
"Awards in pre-defined areas are an important tool in managing the petroleum resources on the Norwegian shelf and they are also a key instrument in our strategy for the mature areas," Norwegian Energy Minister Ola Borten Moe said in a statement.
"Small discoveries can be tied in to existing infrastructure and there may also be a potential for independent developments."
The area includes blocks near existing infrastructure and in regions with a known exploration history.
The Norwegian government didn't outline a reserve potential for the annual licensing round. The U.S. Energy Information Administration said Norway holds the largest oil and natural gas in Europe.
Oil production peaked in 2001 at 3.42 million barrels per day. Natural gas production, meanwhile, has increased steadily since 1993, reaching more than 3.5 trillion cubic feet in 2010, the EIA said.
Oslo said the application deadline is Sept. 6.
