Norway Offers Oil, Gas Exploration Areas Closer To Coast Than 'Ever Before' Amid High Energy Prices

BRUSSELS, May 5 (Bernama-Anadolu) -- The Norwegian government on Tuesday announced new offshore exploration areas as part of efforts to further develop the country's petroleum sector due to high energy prices following the closure of the Strait of Hormuz amid escalating tensions involving the US, Israel, and Iran, Anadolu Ajansi reported, citing local broadcaster.

Prime Minister Jonas Gahr Store has said authorities are offering 70 new blocks for exploration under the annual Allocation in Predefined Areas (APA) licensing round, describing the move as part of efforts to further develop the country's petroleum sector, broadcaster NRK reported.

The blocks are distributed across three regions: 38 in the Barents Sea, 10 in the Norwegian Sea, and 22 in the North Sea.

The APA scheme is a fixed yearly cycle allowing companies to apply for exploration rights in areas that are already opened and considered well-explored by authorities.

Several of the newly proposed blocks are located closer to the coast than in previous rounds, marking an unprecedented expansion of exploration activity in nearshore areas under the APA system.

The announcement comes at a time of elevated energy prices in global markets, with Norway remaining a key supplier of oil and gas to Europe.

Regional tensions have escalated since the US and Israel launched strikes against Iran on Feb. 28, triggering retaliation from Tehran against Israel and US allies in the Gulf, along with the closure of the Strait of Hormuz.

A ceasefire took effect on April 8 through Pakistani mediation, but talks in Islamabad failed to produce a lasting agreement. The truce was later extended by US President Donald Trump indefinitely.

Oil prices have surged sharply this year as the Middle East conflict and the effective closure of the Strait of Hormuz disrupted crude, fuel, and LNG flows, forcing traders to price in persistent supply and shipping risks.

The Hormuz Strait links the Gulf with the Arabian Sea and is a critical corridor for energy exports from major producers including Saudi Arabia, Iraq, the United Arab Emirates, Kuwait, Qatar, and Iran.

-- BERNAMA-ANADOLU