Aug 11, 2025 (MarketLine via COMTEX) --
The oil and gas industry is a significant part of the Norwegian economy, accounting for approximately 10% of private sector employment.
Norway's energy minister has announced preparations for a significant oil and gas licensing round on the Norwegian Continental Shelf, marking the first issuance of new drilling permits in unexplored regions since 2021, reported Reuters.
Minister of Energy Terje Aasland was quoted as saying: aEURoeNorway will be a long-term supplier of oil and gas to Europe, while the Norwegian Continental Shelf will continue to create value and jobs for our country.aEUR
The timeline for awarding these permits has not been specified.
In 2021, the government agreed to a four-year moratorium on frontier exploration, allowing new acreage awards only near existing fields.
This was part of a compromise to secure parliamentary support from a smaller left-wing party. With an election approaching on 8 September, the minority Labour Government holds a slight advantage over centre-right parties in opinion polls.
Norway, which produces around four million barrels of oil equivalent per day aEUR" half in the form of natural gas and the rest as crude and other liquids aEUR" relies heavily on the petroleum sector, which accounted for 60% of its export revenue last year.
However, the country faces a potential production decline in the 2030s unless new fields are discovered.
The oil and gas industry is a significant part of the Norwegian economy, accounting for approximately 10% of private-sector employment.
aEURoeIf we are to deliver on our commitment, we must find more, and in order to find we must explore,aEUR Aasland emphasised.
Earlier in May, Norway initiated the 2025 offshore licensing round for pre-defined areas, with announcements of awards expected in early 2026.
Oil and gas exploration companies are invited to submit bids for the predefined areas 2025 (APA 2025) round by 2 September 2025.
The APA 2025 round has been expanded to include 76 blocks, with 68 in the Barents Sea and eight in the Norwegian Sea.
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