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Norway Opens Arctic Oil Exploration in Russian Border Area

  • Norway bids to stimulate exploration amid oil-price plunge
  • Statoil, Lundin get most blocks, including northernmost ever
Updated on

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.