Oil companies handed new North Sea oil permits

There is still interest in oil exploration in Denmark

The energy and climate minister, Lars Christian Lilleholt, has announced that a number of oil companies will be awarded the rights to 16 new oil and gas permits in the Danish part of the North Sea following a seventh bidding round.

The minister said he was pleased there was still a great interest in the exploration and excavation of Danish oil despite the tepid times currently being endured by the oil industry globally.

“The many new permits will help us maintain a stable exploration environment in Denmark,” said Lilleholt.

“And the new investments into exploration will hopefully translate into new commercial finds that will help finance our welfare society and green transition.”

READ MORE: Fears increasing of the possibility of a large oil spill in the North Sea

Eight companies 
The permits initially allow for a six-year exploration period including the possibility for a 30-year extension on fields that lead to production.

The companies involved in bidding round seven are DONG Energy, Edison International, Hess Oil, Ardent Oil, Wintershall Noordzee, Dana Petroleum, Hansa Hydrocarbons and DEA Deutsche Erdoel.