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Norway offers 102 blocks in its 24th oil gas licensing round

2017-03-14 | 10pm

Norway  on  monday   13th-march-2017 announced their preliminary    plans  for   exploration  of  different  blocks   in  Barents  sea,  Norwegian  sea   and  the Arctic.This  move  from   Norway  government  is  also  bringing   criticism  from  environmental  agencies .  As  per  oil  and energy  ministry  of   Norway  in  their  24th  oil  and  gas  licensing   round  they  plan  to  have  total  of  102  blocks  out  of  which   93  will  be  in  Barents sea  and  Arctic  and  rest  of  the  9   will be  in  Norwegian  sea . As  per  Norwegian  ministry   spokesman  “This  is  the  biggest   number  of  blocks   proposed  in  the  Barents  sea  ever,  but  it  can  change  when  the  final  announcement  is  made“ .The  final  list  of  all  the  blocks    on  offer  will  be   released  in  2nd  quarter  of  2017   after  government ‘s  discussions  with   regulators,  local   communities ,  environmentalist   and  other  agencies  involved.  Bellona  foundation   an  environmental  NGO   based  in  Norway  who is   publically  speaking   against  drilling   activities  in  Arctic  termed  Norway  governments  plan  of  nominating  such  a  high  number  of   blocks  in  Barents  sea as “total  madness” .   Bellona   foundation  head  Fredric  Hauge  said   “It's as if the environment isn't an issue for the government. This is on a collision course with the Paris Agreement (on climate change), the EU parliament and all Norwegian environmental management “ Instead  of  selling   it’s  licenses, Norway   awards   them   to  best   candidates available .Out  of  the  total   amount  of   money  spent  on  drilling  the  well,   government   refunds   78% of the money. This   helps  the  producers    to  offset  some of   their  well development   cost  and  regain  some of the  tax   money  after  start  of  production  After  the  final  list   of  all  the   blocks  on  offer   are  announced   in  2nd  quarter  of  2017  Interested  companies   should   submit  their  opted   blocks   in   the  fourth   quarter  of  2017  .