Finance
Norway awards 57 drilling permits in offshore oil, gas exploration round
Published by Global Banking & Finance Review®
Posted on January 13, 2026
2 min readLast updated: January 19, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on January 13, 2026
2 min readLast updated: January 19, 2026
Norway granted 57 offshore drilling permits to 19 firms, led by Equinor. The government plans further expansion despite environmental opposition.
By Nora Buli and Nerijus Adomaitis
SANDEFJORD, Norway, Jan 13 (Reuters) - Norway's energy minister on Tuesday awarded stakes in 57 offshore oil and gas exploration licences to 19 companies in an annual licensing round, and said the country would further expand the acreage drilled over the coming year.
The allocation for mature areas rose from 53 licences awarded one year ago, while the number of oil and gas firms receiving the permits fell from 20, Energy Minister Terje Aasland told an energy conference.
Equinor received the biggest award with 17 operatorships, followed by Aker BP with 12 and Vaar Energi, a unit of Italy's Eni receiving six.
STRATEGY TO EXTEND OIL, GAS PRODUCTION
The annual predefined area (APA) rounds of new offshore exploration acreage are central to Norway's strategy of extending oil and gas production for decades to come although activity is set to decrease in the coming years.
"Norway is Europe's most important energy supplier, but in a few years production will begin to decline. Therefore, we need new projects that can slow the decline and deliver as much production as possible," Aasland said.
Other companies receiving operatorships included DNO, ConocoPhillips, Inpex, Okea, OMV and Wellesley Petroleum.
The policy is fiercely opposed by the Green Party and by environmental groups which protested outside of the conference venue.
FURTHER EXPANSION NEXT YEAR
The government will also immediately begin work on next year's mature areas allocation, expanding the acreage eligible for awards by another 70 blocks, including 38 in the Barents Sea, the ministry said.
But a planned licensing round for so-called frontier regions, the 26th since Norway first discovered oil in the 1960s and the first since 2021, was postponed while more preparations are made, it said said.
Acreage that had been proposed by oil firms for the 26th round will, meanwhile, be eligible for award in next year's mature areas awards, it added.
The latest round awarded 31 licences in the North Sea, down from 33 a year ago. Another 21 licences were awarded in the Norwegian Sea, up from 19 permits a year ago, while 5 licences were awarded in the Barents Sea, up from one a year ago.
(Reporting by Nora Buli and Nerijus Adomaitis; editing by Terje Solsvik and Bernadette Baum)
Offshore drilling is the process of extracting oil and gas from beneath the ocean floor. It involves drilling wells in the seabed to access underwater reserves.
Environmental concerns in oil exploration refer to the potential negative impacts on ecosystems, wildlife, and local communities resulting from drilling and extraction activities.
Norway's energy strategy focuses on maintaining its status as a leading energy supplier in Europe by exploring new oil and gas projects while addressing environmental issues.
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