Press Release

No: 14/1999
Date: 18 March 1999

16th Licensing Round

Lately we have experienced very low oil prices. This situation leads to low exploration activity and few new developments.

The Government has previously announced that awards in the 16th Licensing Round will take place in the year 2000. The time is now appropriate to establish a more concrete time schedule. This among other things gives a better foundation for the companies' planning. A relatively early completion of this round will also contribute to increased exploration activity and can in the longer run result in new developments.

- The Government will invite the oil companies to propose areas to be included in the 16th Licensing Round in the Norwegian Sea by June 15 of this year. This time schedule will facilitate awards during the first half of the year 2000. The Government will not restrict the companies' possibilities to propose acreage in this area, says the Minister of Petroleum and Energy Marit Arnstad.

Contact: Sissel Edvardsen, +47 22 24 61 09