EnergyWatch

Fewer companies hunting for Norwegian oil

According to a Norwegian media, the number of companies with exploration licenses granted through the TFO program has plunged by almost 40 percent since 2013. However the Norwegian Ministry of Petroleum and Energy is not concerned and notes that the number of extraction licenses is stable.

Photo: Helge Hansen, Statoil

Since the record year of 2013, the number of exploration licenses for new oil and gas in known areas has significantly declined on the Norwegian North Sea Shelf.

Last year, 33 companies submitted applications to the Norwegian Petroleum Directorate's annual round of concessions for awarding pre-defined areas, known as the TFO program. 29 of these companies were granted licenses which is seven fewer than in 2015.

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