In an unprecedented move towards bolstering its mature areas, Norway has awarded 62 oil and gas production licenses. This announcement, as reported by Kari Lundgren from Bloomberg News, marks a significant step towards the country's aggressive drive to pump up volumes from its fossil fuel-rich fields.
1. Norway has made an unprecedented decision to award 62 licenses for oil and gas production.
2. This decision signifies a major advancement in Norway's aggressive effort to increase production from its fossil fuel-rich fields.
3. As part of a strategy to stimulate energy production and foster economic growth, these 62 licenses have been distributed to 30 different firms.
4. The awarding of these licenses underlines Norway's continuous dedication to being a significant global entity in the exploration and production of hydrocarbons.
5. Companies that obtained these licenses are expected to start production as swiftly as they can.
As of January 2019, Norway has 83 producing oil fields, 39 of which are run by state-controlled operator Equinor.
The Norwegian government has granted 62 licenses for oil and gas production in mature regions. In a drive to boost energy production and stimulate economic growth, these licenses have been given to 30 different firms, constituting a significant expansion in the country’s petroleum industry. The move attests to Norway's ongoing commitment to being a robust global player in the exploration and production of hydrocarbons. Companies that were fortunate enough to secure these licenses will be expected to commence production as quickly as possible.