NORWAY TO PLAY BIGGER ROLE IN EXPLORATION

Norway has passed legislation that will lead to increased state participation and funding in oil and gas exploration on the Norwegian continental shelf. Storting (parliament) decided to abolish sliding scale terms in Norwegian exploration licenses, which enabled the state to take 50% interest or more in field development projects when they received Norwegian government approval. Meantime, Norwegian North Sea oil flow rose to a record average 2.3 million b/d last October, topping the previous

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