Indian oil majors now aim for Norway

In the quest for energy security and to be relevant in the great hydrocarbons game, Indian exploration majors could be headed for Norway next. Oil ministry mandarins confirmed that Indian exploration majors have been asked to examine opportunities in the Scandinavian country.

Norwegian offshore exploration involving North Sea, Norwegian Sea and Barents Sea was the scene of heightened interest in the bidding round of pre-defined areas in 2006. Now the 2007 edition is up for grabs and the Government of India’s diplomatic and petroleum ministry officials are sensing an opportunity.
‘Our government wants to give the industry access to new prospective acreage,’ says Norwegian Minister for Petroleum and Energy Odd Roger Enoksen.

In the last round, 48 exploration licences were given for 85 offshore blocks. Out of that, 33 companies that were awarded, as many as eight were new to the country. The 2007 version announced last week includes 13 new blocks and the deadline for the same is Sep 28, 2007.

It is pertinent to mention that no Indian company has ever explored oil or gas in Norwegian offshore areas, but with both public and private sector now scouring the world for assets, there is great interest now.

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