Norway will award new oil and gas licenses on the continental shelf, the first initiative since 2021, to support the economy.

Norwegian Energy Minister Terje Aasland has announced the launch of a new licensing round for oil and gas exploitation in unexplored areas of the continental shelf, the first from 2021. The decision comes amid the need to find new resources to maintain production and jobs, as many fields are aging and production will decline after 2030. Norway is a major energy supplier to Europe and the energy sector accounts for a significant part of its revenues.