Norway is looking to offer 136 blocks for oil and gas exploration in the licensing round for less explored areas on its shelf, including 125 blocks in the Arctic Barents Sea that are currently not available for drilling, the Ministry of Petroleum and Energy said on Wednesday.

The so-called 25th numbered licensing round – expected to be announced in the fall of 2020 after consultation on the proposed areas for oil drilling – typically includes frontier parts of the Norwegian Continental Shelf (NCS).

According to Norway’s oil ministry, it will be the frontier regions that are most likely to host large new discoveries.

The ministry proposes nine frontier areas for exploration, including eight areas in the Barents Sea and one area in the Norwegian Sea. The proposal is now submitted for public consultation, which should be completed by August 26.

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Source: Oil Price