01/11/23

Permalink Norway Awards Dozens of Oil and Gas Drilling Permits as Oslo Eyes Record Output

Norway, one of the world's top exporters of energy, rose to the role of the EU's leading supplier following the bloc's massive sanctions campaign against Russia over the special op in Ukraine. However, the windfall profits fueled accusations of mercantilism from embattled European nations amid an energy crisis. | Norway has awarded dozens of new offshore oil and gas exploration permits to 25 companies in the latest licensing round. Of the 47 drilling permits, 29 involve the North Sea, 16 the Norwegian Sea and two the Barents Sea in the Arctic.  Norwegian state-controlled energy giant Equinor (formerly known as Statoil) was the single biggest recipient with stakes in 26 of the licenses, while Norwegian independent oil company Aker BP won stakes in 17 licenses.  The licensing came amid expectations of record oil output voiced by the Norwegian Petroleum Directorate earlier this week. Norway's oil production is expected to rise by 6.9 percent in 2023, while gas volumes are forecast to remain unchanged near record highs.  Investment by oil and gas producers, including in exploration, is expected to rise to NOK 189 billion ($19.1 billion) this year and peak at NOK 202 billion ($20.2 billion) in 2025.

West-bound Russian oil diverted to Asia (RT.com)

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