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Tariq Siddiqui's picture
COO Upstream EP Advisors LLC

Oil & Energy | Business Development | Capital Projects | Offshore Wind -  Proven leader in offshore development and operations, with 25+ years’ expertise in managing business through cycles...

  • Member since 2021
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  • Aug 18, 2021
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There are speculations that Norway’s likely new government after the upcoming 13 September parliamentary election have secretly been working on a plan to ban exploration in new areas on the Norwegian continental shelf. The two contending parties are Labor led and Center party. Although, both parties deny of any such discussions.

WHATS HAPPENING?

  • Neither party appears to have enough support at present to gain a majority in parliament and will therefore need support from Socialist Left, a party that has prioritized putting a halt to oil and gas exploration.  

POSSIBLE OUTCOMES

  • One option is to stop the country's biennial numbered licensing rounds
  • Further option is to stop Norway’s reimbursement system, which was introduced in 2005 to reduce the entry barriers for new companies and encourage economically viable exploration.
  • According to CEO of Norwegian energy company Equinor; the Awards in Predefined Areas (APA) are much more important than the numbered licensing rounds.
  • Equinor's exploration strategy in Norway is mainly focused on opportunities near existing infrastructure80% of their exploration drilling is in APA areas.

BOTTOMLINE

  • Even in case if exploration in APA continue, the opening up of new areas offering additional though less mature opportunities looks doubtful.
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