Norway puts off oil licenses along Russian border

March 24, 2014

Norway is not yet ready for drilling along the border to Russia, Barents Observer reported on March 21.

The postponement of the 23rd Norwegian License Round is reportedly not connected with the ice-cold relations with Moscow.

The Norwegian Ministry of Petroleum and Energy now confirms to newspaper DN that the license round will be held after the original schedule. According to the ministry, the delay is due to the need for additional 3D seismic data from the area.

Included in the round will be a great number of Arctic blocks, many of which are expected to be located in waters bordering on Russia.

The new time schedule is not yet determined, the ministry informs.

Usually, the bi-annual license rounds have been completed in June month. As previously reported, the 23rd Round has so far proceeded according to schedule, and the ministry in February this year announced its proposed number of blocks for offer. Included in the proposal are 61 blocks, of which 34 blocks are in waters bordering on Russia and 20 in other parts of the Barents Sea. Among the bidders are a major number of companies, including the Russian Rosneft and Lukoil.

Copyright: Barents Observer, 2014