XOM - Norway to expand drilling opportunities in new licensing round

Norway will offer new licenses to drill for oil and gas in the Arctic, North Sea and Barents, the Government announced Thursday. In last year's round of licensing, Equinor (NYSE:EQNR), Aker BP (OTCPK:DETNF), Lundin (OTCPK:LNDNF) and Var Energies won a majority of newly awarded blocks. In the past several years, US majors have retrenched to the shale patch, with Chevron (CVX), Exxon (XOM), Conoco (COP), and Marathon (MRO) all exiting Norway. Whether high prices and increased geopolitical risk are enough bring Majors back to the Norwegian continental shelf remains to be seen; however, increased acreage and decreased competition bodes well for the existing producers.

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Norway to expand drilling opportunities in new licensing round