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Norway awards record number of new oil licenses

The Norwegian Shelf will be a busy workplace over coming years if the oil companies seize the opportunity and utilize the many licenses they have just been awarded. Statoil and Aker BP were the big winners.

Photo: Marit Hommedal - Statoil

Norway clearly believes in a prosperous future for the oil industry. At any rate, the country is now awarding new oil licenses.

The licenses are being awarded at a time in which the oil price is at its highest since its collapse in 2014. With the Brent price at USD 69.2, it seems that many more fields in Norway will now be economically attractive – conditional, of course, on the prices remaining at the current level.

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