Norway's recent offshore oil and gas exploration licensing round has attracted bids from 25 companies, a list that includes Shell, ConocoPhillips, Aker BP, and Equinor, according to the energy ministry's announcement on Tuesday.

The annual allocation of new offshore acreage for drilling is a cornerstone of Norway's strategy to prolong oil and gas production for the decades ahead, a policy that faces staunch opposition from environmental organizations.

Terje Aasland, the oil and energy minister, highlighted the importance of exploration for sustaining oil and gas production and the industry's employment opportunities, stating, "Without exploration and new discoveries, we will neither be able to maintain production of oil and gas over time, nor further develop the petroleum sector and all jobs in the industry."

Earlier in May, the energy ministry presented 92 new blocks available for oil and gas exploration in the Norwegian and Barents Seas, a part of the pre-defined areas (APA) exploration round.

In recent years, Norway has leveraged APA rounds to significantly expand exploration across the Norwegian Continental Shelf, particularly in the Arctic Barents Sea, even amid criticism of the environmental impact of oil and gas combustion on global climate concerns.

The latest offering introduced 78 new blocks in the western region of the Barents Sea and 14 blocks in the northwestern part of the Norwegian Sea, supplementing the existing APA area.

In a separate statement, the Norwegian Petroleum Directorate revealed that nearly all companies active in the Norwegian Continental Shelf participated by submitting bids, with notable interest in the Barents Sea. However, the exact number of blocks bid for by the companies was not specified.

Earlier in January, Norway awarded 47 new permits to 25 companies, marking the conclusion of its 2022 licensing round.

Oil and gas companies also retain the option to apply for blocks not awarded from previous APA rounds, which encompass regions such as the North Sea.

Participating bidders in the current round included Vaar Energi (majority-owned by Eni), DNO, OMV, Okea, and Wintershall Dea.

The oil and energy ministry anticipates unveiling the winning bids for new acreage in early 2024.