Latest news with #TerjeAasland
Yahoo
6 hours ago
- Business
- Yahoo
Norway Plans Biggest Frontier Oil and Gas Licensing Round in Years
Norway has started to plan its 26th oil and gas licensing round in little explored frontier areas as it looks to boost exploration and resources to stem an expected decline in production from the early 2030s. Norway's Energy Ministry has launched work on announcing the new licensing round for the unexplored areas soon, Energy Minister Terje Aasland has said. 'Norway wants to be a long-term supplier of oil and gas to Europe, while the Norwegian continental shelf will continue to create value and jobs for our country,' Aasland said. If Norway is to deliver on this commitment, companies must make more oil and gas discoveries and boost exploration, including in frontier regions, the minister added. Norway, unlike the UK, strongly supports oil and gas development and exploration for undiscovered resources on its shelf. In recent years, oil and gas operators on the Norwegian shelf have advanced infrastructure-led exploration which allows them to fast-track the development of newly-discovered resources via tie-ins to nearby infrastructure. However, further exploration efforts and new discoveries would be crucial to slowing the expected decline in Norway's oil and gas production in the 2030s, the Norwegian authorities have said. Frontier areas could be the answer to adding more resources as companies continue to search for the next elephant field in Norwegian waters. Norway expects its oil liquids production to rise by 5.2% in 2025 from 2024, also thanks to the start-up of the Johan Castberg oilfield in the Barents Sea in the Arctic earlier this year. Norway has become the largest supplier of pipeline natural gas to Europe, replacing Russia in 2022, and boasts the biggest sovereign wealth fund in the world thanks to revenues from oil and gas. Norway also has the highest per-capita ownership of electric cars and a most ambitious transition state. Even so, Norway has acknowledged it cannot give up oil and gas anytime soon. By Michael Kern for More Top Reads From this article on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
11 hours ago
- Business
- Yahoo
Norway to launch major oil and gas licensing round
Norway's energy minister has announced preparations for a significant oil and gas licensing round on the Norwegian Continental Shelf, marking the first issuance of new drilling permits in unexplored regions since 2021, reported Reuters. Minister of Energy Terje Aasland was quoted as saying: 'Norway will be a long-term supplier of oil and gas to Europe, while the Norwegian Continental Shelf will continue to create value and jobs for our country.' The timeline for awarding these permits has not been specified. In 2021, the government agreed to a four-year moratorium on frontier exploration, allowing new acreage awards only near existing fields. This was part of a compromise to secure parliamentary support from a smaller left-wing party. With an election approaching on 8 September, the minority Labour Government holds a slight advantage over centre-right parties in opinion polls. Norway, which produces around four million barrels of oil equivalent per day – half in the form of natural gas and the rest as crude and other liquids – relies heavily on the petroleum sector, which accounted for 60% of its export revenue last year. However, the country faces a potential production decline in the 2030s unless new fields are discovered. The oil and gas industry is a significant part of the Norwegian economy, accounting for approximately 10% of private-sector employment. 'If we are to deliver on our commitment, we must find more, and in order to find we must explore,' Aasland emphasised. Earlier in May, Norway initiated the 2025 offshore licensing round for pre-defined areas, with announcements of awards expected in early 2026. Oil and gas exploration companies are invited to submit bids for the predefined areas 2025 (APA 2025) round by 2 September 2025. The APA 2025 round has been expanded to include 76 blocks, with 68 in the Barents Sea and eight in the Norwegian Sea. "Norway to launch major oil and gas licensing round" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CTV News
3 days ago
- Business
- CTV News
Norway prepares first major oil, gas licensing round in years
In this Feb. 16, 2016 file photo, a supply ship at the Edvard Grieg oil field, in the North Sea. (Hakon Mosvold Larsen, NTB scanpix via AP, File) OSLO — Norway's energy minister said on Friday he is preparing to launch a new oil and gas licensing round on the Norwegian continental shelf, the first offer of new drilling permits in unexplored frontier regions since 2021. 'Norway will be a long-term supplier of oil and gas to Europe, while the Norwegian continental shelf will continue to create value and jobs for our country,' Minister of Energy Terje Aasland of the Labour Party said in a statement. It was not immediately clear when awards could be made. The government in 2021 agreed to a four-year moratorium on frontier exploration, limiting the awards of new acreage to areas near existing fields in return for backing in parliament of a smaller left-wing party. The minority Labour government holds a narrow lead over center-right parties in opinion polls ahead of an election for parliament due on September 8. Norway, which pumps around four million barrels of oil equivalent per day, around half in the form of natural gas and the rest as crude and other liquids, last year got 60 per cent of its export revenue from the petroleum sector. But with many aging fields, production is set to decline in the 2030s unless new discoveries are made in the industry, which directly and indirectly represents around 10 per cent of private-sector employment. 'If we are to deliver on our commitment, we must find more, and in order to find we must explore,' Aasland said. --- Reporting by Terje Solsvik, Editing by Louise Heavens
Reuters
3 days ago
- Business
- Reuters
Norway prepares first major oil, gas licensing round in years
OSLO, Aug 8 (Reuters) - Norway's energy minister said on Friday he is preparing to launch a new oil and gas licensing round on the Norwegian continental shelf, the first offer of new drilling permits in unexplored frontier regions since 2021. "Norway will be a long-term supplier of oil and gas to Europe, while the Norwegian continental shelf will continue to create value and jobs for our country," Minister of Energy Terje Aasland of the Labour Party said in a statement. It was not immediately clear when awards could be made. The government in 2021 agreed to a four-year moratorium on frontier exploration, limiting the awards of new acreage to areas near existing fields in return for backing in parliament of a smaller left-wing party. The minority Labour government holds a narrow lead over centre-right parties in opinion polls ahead of an election for parliament due on September 8. Norway, which pumps around four million barrels of oil equivalent per day, around half in the form of natural gas and the rest as crude and other liquids, last year got 60% of its export revenue from the petroleum sector. But with many ageing fields, production is set to decline in the 2030s unless new discoveries are made in the industry, which directly and indirectly represents around 10% of private-sector employment. "If we are to deliver on our commitment, we must find more, and in order to find we must explore," Aasland said.
Yahoo
09-07-2025
- Business
- Yahoo
Equinor (EQNR) and Partners Greenlight $2B+ North Sea Energy Project
Equinor ASA (NYSE:EQNR) is one of the best high growth stocks. Equinor, alongside its Fram partners, announced on June 26 plans to invest over $2 billion in a new deepwater development in the North Sea. The Fram Sør venture, backed by an investment of more than NOK 21 billion, will merge several offshore discoveries via a tieback to Troll C. Equinor filed its plan of development and operation with Minister Terje Aasland on June 26. According to Geir Tungesvik, Equinor's Executive VP for Projects, Drilling, and Procurement: 'Fram Sør will contribute to security of energy supply from the Norwegian continental shelf (NCS) to Europe. The development will put new oil and gas resources on stream by connecting new infrastructure to existing facilities that provide good and robust profitability…' A worker in a hard hat standing in front of a giant oil refinery, the stark blue sky and grey refinery in the background. The development will drive engagement across Norway's supply chain, generating around 4,500 full-time job positions during its execution. Equipped with fully electric subsea tree systems, the project aims to improve environmental performance and subsea visibility. Recoverable assets are estimated at 116 million barrels of oil equivalent, three-quarters of which is oil, and production is planned for the end of 2029. Equinor ASA (NYSE:EQNR) is a globally integrated energy company engaged in the exploration, production, and distribution of petroleum and alternative energy sources. While we acknowledge the potential of EQNR as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and . Disclosure. None. Sign in to access your portfolio
