The deadline for applications for E&P licenses in the licensing round was on May 15, 2009. The National Energy Authority received applications from:
— Aker Exploration ASA
— Sagex Petroleum ASA and Lindir Exploration
Earlier this summer, Aker Exploration ASA withdrew their application due to a change in exploration strategy due to cooperation and later merger with another company.
As a result, the National Energy Authority will not be issuing a license for E&P in the first licensing round. Future licensing is being evaluated by the authorities and will be announced soon.
Communications with the oil companies that showed interest in the licensing round, but did not apply, indicate that the main reasons that they did not participate in the round was i.a. the poor economic conditions at the time of the licensing round, with the accompanying difficulties with financing the exploration, especially given the risks involved with starting exploration in a frontier area such as the Dreki area.
