Interest in Norwegian Mature Fields at All-Time High

The Norwegian Ministry of Petroleum and Energy has said that it has received record interest for mature fields on its Norwegian Continental Shelf, with 47 companies submitting applications for fields in the most recent licensing round.

The applications for the 2012 Awards in Predefined Areas (2012 APA) fields, which closed for submission on the 6th of September, demonstrates an increased interest in getting the most out of existing mature fields. It also was a cost-effective and pragmatic approach, the Ministry said, with companies being enabled to avail of existing infrastructure from neighbouring fields before those fields were shut down.

The offering of these fields was a part of the government's drive to maintain interest and production at fields of varying ages, Minister for Petroleum Ola Borten Moe said.

"The government wants to maintain a stable level of exploration activity while also ensuring continued value creation and securing future state revenue streams from petroleum activities," he said. "Exploitation of the mature areas on the continental shelf is very important in this regard, and the APA system is our instrument for achieving this."

Companies who submitted applications for the oil and gas fields include Statoil, Wintershall, Centrica, Chevron and ExxonMobil.