Norway awards 53 stakes to the latest offshore oil and gas exploration round

Norway's Energy Minister said that in the annual licensing round held on Tuesday, 20 companies received stakes in 53 offshore exploration licenses for oil and gas.

The number of licences awarded annually has decreased from 62 in 2023, while the number oil and gas companies receiving permits has declined from 24 one year earlier.

Terje Aasland, Energy Minister Terje's statement said: "We must continue to make new discoveries in order to maintain Norway as a reliable and stable supplier of gas and oil to Europe."

Norway's plan to extend oil and gas production in the coming decades is based on the annual predefined area (APA) rounds. This policy, however, is strongly opposed by environmentalist groups.

Extinction Rebellion and Grandparents for Climate, along with Greenpeace, blocked nearly all of the hotel entrances on Tuesday, where the Energy Minister made his announcement.

About 60 protesters took part in the demonstration, with banners reading "Norwegian Oil Kills", "Phase Out Plan Now" and other slogans.

Norway, which provides about 30% of the gas imported by the European Union, became Europe's biggest natural gas supplier following Russia's invasion in Ukraine in 2022. It also partially replaced Russian oil barrels that were banned by the EU. (Reporting and editing by Terje Solsvik, Nora Buli)

(source: Reuters)