Norway awarded licenses to 13 oil companies as it expands into an entirely new part of the Arctic Barents Sea in an area previously disputed with Russia in a bid to stimulate exploration at a time of low crude prices. Statoil ASA, Lundin Petroleum AB and Det Norske Oljeselskap ASA were among companies that were awarded 10 licenses in the country’s 23rd round, according to a statement from the Petroleum and Energy Ministry. Other companies include Chevron Corp. and ConocoPhillips, as well as Russia’s Lukoil PJSC and LetterOne-owned DEA. “The Barents Sea offers great, new opportunities,” Petroleum and Energy Minister Tord Lien said in the statement. “The industry’s interest in new acreage shows that the Norwegian continental shelf remains attractive. The potential is huge.” The new licenses include blocks in the Barents Sea Southeast, an area bordering Russian waters that is the first virgin acreage to be opened to […]