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Oil firms pile in as Norway moves exploration closer to Russia

Fri, 04th Dec 2015 10:27

OSLO, Dec 4 (Reuters) - Norway has received applicationsfrom 26 oil firms seeking drilling permissions in a licencinground set to move the search for hydrocarbons closer to itsborder with Russia, the country's Oil and Energy Ministry saidon Friday.

Applicants in the so-called 23rd round, which is mostlyfocused on the Arctic Barents Sea, include Statoil,Shell, Lundin Petroleum, BP andChevron among others.

Awards are expected in the first half of next year, anddrilling could start in 2017, the ministry said in a statement.

Norway had invited oil firms to apply for stakes in 57blocks in previously unexplored areas, with 34 of those in anarea of the Arctic Barents Sea where the Nordic nation settled a40-year border dispute with Russia in 2010.

While Norway frequently hands out additional acreage fordrilling, the latest round was the first since 1994 to move intoa new geographical area. (Reporting by Terje Solsvik, editing by Gwladys Fouche)

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