Equinor awarded 27 new production licenses on the Norwegian continental shelf

The Nowegian Ministry of Energy awarded Equinor 27 new production licenses in this year’s Awards in Predefined Areas (APA). The company was awarded 20 licenses in the North Sea, six in the Norwegian Sea and one in the Barents sea. Equinor is the operator of seven of the licenses and a partner in 20.

Equinor operates or participates in 20-30 exploration wells on the NCS annually. About 80% will be near existing infrastructure and in known geology. About 20% are new ideas that are being matured based on continuous development in our knowledge of the geology offshore.

Existing fields are being depleted and produce less oil and gas over time. In order to meet customer demands, new energy sources are necessary. Additional wells are needed each year to uncover the remaining resources, as the number of barrels per well is far lower than was the case in the 1980s.