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Norway boosts oil, gas drilling, including in Arctic

Tue, 16th Jan 2024 15:39

Awards 62 exploration permits, up from year-ago 47

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More interest in Arctic Barents Sea drilling

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Awards are based on applications from oil firms

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Environmental groups protest Norway's drilling

SANDEFJORD, Norway, Jan 16 (Reuters) - Norway on Tuesday awarded stakes in 62 offshore oil and gas exploration licences to 24 energy companies, including state-controlled Equinor , boosting the amount of acreage offered as the country seeks to pump for decades to come.

The annual award was up from 47 licences a year ago when 25 firms received permits. The increase involved drilling permits in the Arctic Barents Sea and the adjacent Norwegian Sea, the country's energy minister told a conference.

The annual predefined areas (APA) rounds of exploration acreage are central to Norway's strategy of extending its oil and gas production, a policy fiercely opposed by environmentalists, dozens of whom picketed the event.

The licence awards in the Barents Sea, a vast ocean off the northern tip of continental Europe, rose to eight in the new round from just two one year ago, as energy companies expressed more interest in the remote and environmentally harsh region.

"Last year I asked companies to look more closely at Barents Sea opportunities... this award shows that more companies have responded positively and are taking responsibility," Minister of Energy Terje Aasland said.

The awards, based on applications from companies, marked the return of Aker BP to the Barents Sea, which the company had abandoned years ago after spudding a number of dry wells.

"We have a new team, we have new ideas, we have new acreage," Aker BP CEO Karl Johnny Hersvik said, adding the plan was to look mainly for natural gas.

EUROPE'S BIGGEST GAS SUPPLIER

While Norway backs the Paris climate accords and the global goal to transition away from fossil fuels, the country also says the world will need access to oil and gas for many years.

"The government's policies continue to be on a head-on collision course with a sustainable climate," Friends of the Earth Norway head Truls Gulowsen said in a post on social media X.

Norway in 2022 overtook Russia as Europe's biggest gas supplier as Moscow's invasion of Ukraine severed decades-long energy ties. The Nordic country also replaced some of the Russian oil barrels banned by the European Union.

The number of new drilling permits awarded in the North Sea was unchanged year-on-year at 29, while 25 were issued for the Norwegian Sea, up from 16 one year ago.

Equinor was awarded stakes in 39 licences, including 14 it will operate, while the second-largest listed oil firm, Aker BP, received stakes in 27 licences, including 17 it will operate.

Vaar Energi came third with stakes in 16 licences, including four it will operate.

Oil majors Shell and TotalEnergies received stakes in one licence each, while ConocoPhillips received stakes in three.

Norway's overall output amounted last year to around 4 million barrels of oil equivalent per day, divided equally between oil and natural gas.

Production is expected to remain at this level in the coming years before dropping sharply in the 2030s unless new resources are found and developed. (Reporting by Nerijus Adomaitis and Nora Buli in Sandefjord, editing by Terje Solsvik and Barbara Lewis)

More News
29 Apr 2024 13:10

Namibia's NAMCOR signs deal with Chevron to develop offshore block

CAPE TOWN, April 29 (Reuters) - Namibia's national oil company (NAMCOR) has signed a development deal with Chevron that will see the U.S. oil major take an 80% operating working interest in an offshore block in the Walvis Basin, NAMCOR said on Monday.

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26 Apr 2024 08:17

Climate groups picket Swiss National Bank's shareholder meeting over its investments

BERN, April 26 (Reuters) - Climate campaigners picketed the Swiss National Bank's shareholders meeting on Friday to protest against the central bank's investments in companies they say damage the environment and carry out fracking.

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25 Apr 2024 15:51

UK earnings, trading statements calendar - next 7 days

Friday 26 April 
Facilities by ADF PLCFull Year Results
Kingspan Group PLCTrading Statement
Loungers PLCTrading Statement
NatWest Group PLC Q1 Results
Pearson PLCTrading Statement
Record PLCTrading Statement
Smurfit Kappa Group PLCTrading Statement
Taylor Maritime Investments LtdTrading Statement
Monday 29 April 
Beazley PLCTrading Statement
Biome Technologies PLCFull Year Results
Christie Group PLCFull Year Results
Gresham House Energy Storage Fund PLCFull Year Results
Gresham Technologies PLCFull Year Results
Jadestone Energy PLCFull Year Results
Oxford BioMedica PLCFull Year Results
SpaceandPeople PLCFull Year Results
Tuesday 30 April 
Avacta Group PLCFull Year Results
Card Factory PLCFull Year Results
Capital & Regional PLCFull Year Results
Close Brothers Group PLCTrading Statement
Coca-Cola HBC AGTrading Statement
Elementis PLCTrading Statement
essensys PLCHalf Year Results
Fadel Partners IncFull Year Results
Glencore PLCTrading Statement
Hargreaves Lansdown PLC Trading Statement
Howden Joinery PLCTrading Statement
HSBC Holdings PLCQ1 Results
Kelso Group PLCFull Year Results
Northcoders Group PLCFull Year Results
Phoenix Spree Deutschland LtdFull Year Results
RBG Holdings PLCFull Year Results
Rotork PLCTrading Statement
Safestore Holdings PLCHalf Year Results
Shield Therapeutics PLCFull Year Results
St James's Place PLCTrading Statement
Strip Tinning Holdings PLCFull Year Results
Whitbread PLCFull Year Results
Wednesday 1 May 
Anexo Group PLCFull Year Results
Computacenter PLCTrading Statement
Georgia Capital PLCQ1 Results
GSK PLCQ1 Results
Haleon PLCTrading Statement
HSS Hire Group PLCFull Year Results
Intelligent Ultrasound Group PLCFull Year Results
Maintel Holdings PLCFull Year Results
Next PLCTrading Statement
Smith & Nephew PLCTrading Statement
Thursday 2 May 
Endeavour Mining PLCQ1 Results
Hiscox LtdTrading Statement
International Personal Finance PLCTrading Statement
Kerry Group PLCTrading Statement
Lancashire Holdings LtdTrading Statement
Melrose Industries PLCTrading Statement
NAHL Group PLCFull Year Results
Reach PLCTrading Statement
Shell PLCQ1 Results
Smiths News PLCHalf Year Results
Smurfit Kappa Group PLCTrading Statement
Spectris PLCTrading Statement
Standard Chartered PLCQ1 Results
TI Fluid Systems PLCQ1 Results
  
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24 Apr 2024 15:43

Namibia excites oil firms by opening up new frontier basin

WINDHOEK, April 24 (Reuters) - Oil companies are flocking to Namibia, excited by the country's plans to open up a major new frontier basin with recent offshore finds ranking among the largest this century.

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24 Apr 2024 14:40

Namibia to finalise local participation policy for oil and gas sector by Dec

WINDHOEK, April 24 (Reuters) - Namibia expects to finalise its policy on local participation in the oil and gas sector by year-end, the energy minister said on Wednesday, as the country looks to industrialize and share economic benefits to its people.

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24 Apr 2024 13:24

Pressure on gas and LNG prices to help switch from coal, says J.P. Morgan

LONDON, April 24 (Reuters) - Global natural gas prices will come under pressure through the end of the decade as supply and shipping infrastructure grow rapidly, particularly in Qatar and the U.S., J.P. Morgan said in a report.

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24 Apr 2024 11:26

OPEC excited about Namibia partnership, offers support

WINDHOEK, April 24 (Reuters) - The Organization of the Petroleum Exporting Countries (OPEC) is excited about a potential partnership with Namibia and ready to support the southern African country in its oil journey, OPEC Secretary General Haitham Al Ghais said on Wednesday.

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23 Apr 2024 16:37

Nigeria's NNPC resumes Awoba oil output, targeting 12,000 bpd

ABUJA, April 23 (Reuters) - Nigeria's NNPC and joint venture partner Newcross Exploration and Production have resumed output at the Awoba oilfield that ceased operations in February 2022 due to oil theft that curbed exports, the state oil company said on Tuesday.

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23 Apr 2024 10:30

Mitsui says no decision yet on ADNOC LNG project tie-up after Nikkei report

TOKYO, April 23 (Reuters) - Japan's Mitsui & Co said on Tuesday nothing has been decided on a liquefied natural gas (LNG) project in the United Arab Emirates, after the Nikkei reported it was teaming up with Abu Dhabi National Oil Company (ADNOC) on it.

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23 Apr 2024 08:26

Britain's FTSE 100 blue-chip stock index hits record high

LONDON, April 23 (Reuters) - Britain's blue-chip FTSE 100 index hit a record high on Tuesday, following last week's sharp selloff, as fears of the Middle East crisis escalating eased and investors looked ahead to top U.S. earnings later in the week.

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22 Apr 2024 13:17

Oman LNG signs supply deal with TotalEnergies

DUBAI, April 22 (Reuters) - Oman LNG and TotalEnergies, one of its shareholders, have signed a sale and purchase agreement to supply 800,000 metric tons per year of liquefied natural gas, the companies said on Monday.

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22 Apr 2024 11:49

Investors push Equinor to align strategy with global climate goal

Comes as company plans to expand production

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22 Apr 2024 11:00

Investors push Equinor to align strategy with global climate goal

Comes as company plans to expand production

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Read more
22 Apr 2024 08:32

Oman LNG signs supply deal with TotalEnergies

DUBAI, April 22 (Reuters) - Oman LNG and TotalEnergies, one of its shareholders, have signed a sale and purchase agreement to supply 800,000 metric tons per year of liquefied natural gas, the companies said on Monday.

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21 Apr 2024 19:54

Portugal's Galp says field off Namibia could contain 10 bln barrels of oil

LISBON, April 21 (Reuters) - Portuguese oil company Galp Energia said on Sunday it had concluded the first phase of exploration in the Mopane field off the coast of Namibia and estimated it could have at least 10 billion barrels of oil.

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