FT: Norway will delay the issuance of offshore licenses for three years
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The Norwegian authorities have decided to postpone the issuance of licenses for the development of new oil and gas fields on the continental shelf until 2025, the newspaper reported. Financial Times. The move is linked to a deal between the government and the centre-left to pass the state budget.
According to the newspaper, the 26th round of issuing licenses for the development of deposits in the Arctic regions of the country will not take place under the current parliament of Norway. His mandate will end in 2025. The development of deposits in the Arctic involves higher risks for companies, but if successful, it can bring big profits.
Annual mining license rounds have been held in Norway since 2003. The Norwegian Ministry of Energy issues licenses for the development of areas in long-explored areas of the continental shelf, in which the number of promising deposits is declining.
All hydrocarbon deposits in Norway are located on the continental shelf in the North, Norwegian and Barents Seas. Most of the oil fields are located in the North Sea. More than half of the extracted raw materials are exported to the UK, the Netherlands and Germany.
Under the restrictions imposed on Russian oil by the European Union, Norway is one of the key energy suppliers to Europe. In August, the Financial Times reported, citing sources, that executives of European companies importing gas from Norway “privately” asked “to agree to gas exports at a reduced price.” However, the Minister of Energy and Petroleum of Norway refused reduce natural gas prices for EU importers.
Of the eight Arctic states of the world (Denmark, Iceland, Canada, Norway, Russia, USA, Finland and Sweden), three are EU members, they do not produce hydrocarbons in the Arctic.
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