In a major move to bolster Norway’s oil and gas production, the Norwegian Ministry of Energy has awarded Equinor 27 new production licenses in this year’s Awards in Predefined Areas (APA).
The company received 20 licenses in the North Sea, six in the Norwegian Sea, and one in the Barents Sea, with Equinor set to operate seven of these licenses while partnering in the remaining 20.
Jez Averty, Equinor’s senior vice president for subsurface on the Norwegian continental shelf, highlighted the importance of this development, stating: “There are still substantial resources on the Norwegian continental shelf.
“Together with our partners, we need to explore more to contribute to European energy security and maintain our position as a reliable supplier of oil and gas.”
Equinor’s ambitious plans include drilling approximately 250 exploration wells by 2035, underscoring the company’s commitment to long-term investment in the region.
The company currently operates 35 offshore platforms, forming an extensive network of production, processing, and export infrastructure.
Averty highlighted the efficiency of developing discoveries near existing infrastructure, noting that it allows for rapid development with lower costs and reduced greenhouse gas emissions.
He cited the Eirin project as an example, which will be tied back to the electrified Gina Krog platform, promising low production emissions and extending Gina Krog’s lifetime by seven years.
While focusing on near-infrastructure exploration, Equinor also recognises the importance of venturing into new areas.
“Despite most exploration wells being drilled near existing infrastructure, it is important that we also explore new areas and new ideas and concepts with the potential for more major discoveries,” Averty stated.
This latest round of license awards comes at a crucial time, as the Norwegian Offshore Directorate projects that production from the Norwegian Continental Shelf will peak in 2025.
The new licenses are expected to play a vital role in maintaining Norway’s position as a key energy supplier to Europe and in supporting the country’s economic future.
