North Sea oil and gas: New licenses to be issued this week

The Oil and Energy Department will this week issue new licenses for the right to explore for oil and gas in the North Sea. The main interest is centered around an area on the Norwegian Shelf, 80 kilometres west of Floroe. This is one of the last exploration sites in the North Sea, where sizeable reserves may be found, according to section head Ottar Minsaas of the National Association of Oil Industries. The site is also ranked as number one by most of the oil companies which have applied for new exploration permits, NRK reports.