Norwegian Ministry of Petroleum and Energy has now announced that the next licensing round will take place in the first quarter of this year. This time companies will tender an offer for extraction of natural resources located north – East of Norwegian continental shelf, 73°N latitude.

The new exploration area is bordering the Russian jurisdiction boundaries in the Barents Sea. The place is located as far North as Bjarnarey (Svalbadr´s) and Svalbard Fisheries Protection Zone.

The northernmost towns in mainland Norway: Honningsvåg and Hammerfest, lye 70°N. The northernmost settlement in Iceland is located as far as 66°N. Dreki Area, the Icelandic potential oil exploration and exploitation area is located 67°N – 69°N.

The principal responsibility of the Ministry of Petroleum and Energy is to achieve a coordinated and integrated energy policy. A primary objective is to ensure high value creation through efficient environment – friendly management of Norwegian energy resources.

Click here to read more about the recent actions of the Ministry.