Norway winds down
Fresh developments in the Arctic promise new production, but enthusiasm for fresh licenses has waned
A decline in applications for production licenses in Norway's latest oil and gas auction suggests that appetite for fresh exploration on the Norwegian continental shelf may have passed its peak. However, existing offshore discoveries are still being converted into substantial developments. The number of companies who applied for acreage in the 24th oil and gas licensing round plummeted to just 11, down from 26 in the previous round. Applicants this time included Statoil and mid-sized Norway specialists Aker BP and Lundin, as well as Shell, Centrica, OMV, Wintershall and Kuwait's Kufpec. Also in the list was Rosneft's Norwegian subsidiary, RN Nordic, which together with a proposed deal under
Also in this section
16 January 2026
The country’s global energy importance and domestic political fate are interlocked, highlighting its outsized oil and gas powers, and the heightened fallout risk
16 January 2026
The global maritime oil transport sector enters 2026 facing a rare convergence of crude oversupply, record newbuild deliveries and the potential easing of several geopolitical disruptions that have shaped trade flows since 2022
15 January 2026
Rebuilding industry, energy dominance and lower energy costs are key goals that remain at odds in 2026
14 January 2026
Chavez’s socialist reforms boosted state control but pushed knowledge and capital out of the sector, opening the way for the US shale revolution
