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International Update Volume 50, Issue 20

NORWAY PLANS TO OPEN NEW TERRITORY FOR ARCTIC OIL EXPLORATION

Norway

Norway’s oil ministry plans to auction up to 136 new exploration blocks, including 125 in the Arctic Barents Sea, for oil and gas extraction. “We need new discoveries to uphold employment and value creation. I have good faith that the opportunities we now offer in the Barents Sea and the Norwegian Sea will be attractive to companies,” said Tina Bru, Norway’s minister of petroleum and energy.