Introduction

Production licence 859 was awarded in the 23rd licensing round in 2016. May 18, 2016, Norway awarded licenses to 13 oil companies as it expands into an entirely new part of the Arctic Barents Sea in an area previously disputed with Russia in a bid to stimulate exploration at a time of low crude prices. The biggest license, PL 859, where the Equinor-led partnership has committed to drill three exploration wells, according to the ministry. 

The area in this licence consists of the Blocks 7335/1, 7335/2, 7335/3, 7336/1, 7434/7, 7434/8, 7434/9, 7435/9, 7435/10, 7435/11, 7435/12 and 7436/10.

Aug 12 2017, The Norwegian Petroleum Directorate announced July 28 it has granted Equinor a drilling permit for wildcat well 7435/12-1 in production licence PL 859.

Apr 25 2019, The Norwegian Petroleum Directorate has granted Equinor a drilling permit for wildcat well 7335/3-1 in production licence PL 859.

Equinor: Operator with 30% interest

DNO Norge: 20% interest

Petoro: 20% interest

Lundin Norway: 15% interest

ConocoPhillips Skandinavia: 15% interest