Norway awarded licenses to 13 oil companies as it expands into an entirely new part of the Arctic Barents Sea in an area previously disputed with Russia in a bid to stimulate exploration at a time of low crude prices.
Statoil ASA, Lundin Petroleum AB and Det Norske Oljeselskap ASA were among companies that were awarded 10 licenses in the country’s 23rd round, according to a statement from the Petroleum and Energy Ministry. Other companies include Chevron Corp. and ConocoPhillips, as well as Russia’s Lukoil PJSC and LetterOne-owned DEA.
