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Oil Exploration in Norway
- By Oil and Gas Author
- Published 08/26/2006
- Crude Oil Petroleum , Natural Gas Petroleum , Exploration and Discoveries , Liquefied Natural Gas LNG , Oil Field Development , Norway , Oil and Natural Gas Prices , Petroleum Pipeline
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View all articles by Oil and Gas AuthorA potential source of new Oil production is the Barents Sea, which could contain large quantities of oil reserves. There have already been some large oil finds in the area, including Enis Goliath, which contains an estimated 250 million barrels of recoverable reserves. However, between 1996-2006, there were no new exploration licenses granted for the Barents Sea, though drilling did continue on previously-granted ones. In March 2006, the newly-elected Norwegian government released a plan that would allow the granting of new exploration licenses in some parts the area. However, the plan enacted strict environmental criteria for exploration in the area and forbid exploration in the Lofoten islands until at least 2010. Areas in the Barents Sea were the focus of Norways 19th licensing round, held in the second half of 2005. The round, which included 34 blocks in the Barents Sea and 30 blocks in the Norwegian Sea, attracted bids from 24 companies. In March 2006, the Norwegian government announced that it had awarded 17 companies the right to participate in production licenses, with seven companies having the right of Operator ship. One of the most successful companies in the licensing round was BG Group, which won eight new production licenses and five operator ships.
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