Norway Announces New Oil Licensing Round for 2018

Norway's Oil Ministry announced a new licensing round in predefined areas offering 47 blocks in the Norwegian Sea and 56 blocks in the Barents Sea for 2018, the ministry announced late Monday.

The ministry said the deadline for applications is Feb. 28.

The ministry noted that the allocation of new attractive exploration areas is a prelude to the government's petroleum policy focusing on exploration and on attracting more investors to the Barents Sea.

Minister of oil Terje Soviknes said that through a solid expansion with blocks in the Norwegian Sea and Barents Sea, the government is proposing effective and timely exploration and activities for the future.

"I strongly believe that oil companies will still see interesting opportunities in these areas, thus contributing to employment, value creation and welfare," he said.

(Anadolu Agency)

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