New exploration licenses awarded to Vår Energi and Sval

Vår Energi and Sval Energi have both been awarded new exploration licences on the Norwegian Continental Shelf in the “Awards in Predefined Areas” (APA) licensing round for 2022, adding to each company’s exploration asset portfolio.

Vår Energi AS was awarded 12 new licenses on the Norwegian Continental Shelf (NCS), five of which are operated.

“We are offered licenses that strengthen our position in important areas. The licenses support our long-term growth strategy and give us continuity in our work to develop opportunities and create value”, says Vår Energi EVP Exploration & Production, Rune Oldervoll.

Sval Energi was awarded four licenses. Three of the licenses are in the North Sea and one is in the Norwegian Sea. All licenses are with solid partnerships and in attractive areas near existing infrastructure.

“This is a great outcome for us. New and attractive exploration acreage in areas where we own existing infrastructure is an important part of our growth ambition. I am particularly proud that we are awarded two new licences where we included firm exploration wells in the applications. Hopefully, this will lead to new discoveries that can be efficiently developed”, says Jørgen Moe, Senior Vice President Exploration in Sval Energi.

The annual APA licensing rounds mainly comprise mature parts of the NCS, with known geology and close to existing infrastructure, as opposed to more infrequent rounds where previously unexplored areas are offered. The licenses are awarded by the Ministry of Petroleum and Energy, and in this year’s APA round a total of 47 licenses were awarded to 25 different oil companies, ranging from the large international companies to smaller domestic exploration companies. 12 companies were awarded operatorships.