Recent developments in the offshore energy sector showcase sustained activity on Norway's continental shelf (NCS), driven by regulatory approvals. The Norwegian Offshore Directorate issued multiple drilling permits recently, supporting operators' efforts to assess and develop resources across North Sea and Barents Sea prospects.
Permit for Wellbore 7220/7-5 Drilling Project
On 11/7/2025, the Norwegian Offshore Directorate granted Equinor Energy AS a Permit for Wellbore 7220/7-5 Drilling Project in production licence 532. This permit aligns with Section 13 of the Resource Management Regulations, enabling targeted exploration in a mature production area.
Equinor's commitment to the NCS, where they hold significant interests, is evident by this approval from regulators, with regulatory support for appraisal and delineation activities contributing to its status as an energy hub within Europe.
Drilling Permit for Wellbore 35/11-32 S
Just two days ago, on September 12th 2025, the Norwegian Offshore Directorate granted Equinor Energy AS another drilling permit, this time for wellbore 35/11-32 S in production licence 090 HS - targeting potential extensions in an oil-bearing formation.
Production license 090 HS has seen previous activity, underscoring the directorate's focus on efficient resource management. Operators like Equinor have taken advantage of this permit's availability to optimize recovery from established fields while exploring new prospects.
Recent Discoveries and Appraisal Successes
Var Energi successfully executed these permits and completed appraisal well 7122/8-4 S on November 13th to verify and delineate Zagato oil discovery initially identified in February. Delineation results strengthen commercial viability of this Barents Sea find.
On December 5th 2025, Equinor and Aker BP jointly announced a gas/condensate discovery at Lofn and Langemann prospects (15/5-8 S and A). These finds demonstrate the North Sea's potential to provide additional reserves despite maturing fields.
On 12/4/2025, Var Energi and its partners reported an oil and gas discovery at Goliat Nord prospect (7122/7-8). This confirmed active exploration in northern waters.
Production and Resource Oversight.
On November 14, 2025, the Norwegian Offshore Directorate unveiled its Dashboard tool for licensees, providing an in-depth assessment of petroleum resources and reserves across the NCS. This new resource enhances transparency while supporting strategic decision-making for operators.
Preliminary production figures demonstrate strong output for June 2025 averages, reaching 1,854,000 barrels of oil, NGL and condensate daily as reported on 7/22/2025 - further supporting NCS' role in meeting Europe's energy demands.
Broader Offshore Energy Contracts
Valaris secured contracts worth an impressive $190 million outside Norway, including extensions for VALARIS 121 and VALARIS Norway in the UK North Sea starting February and August 2026, respectively. Valaris signed deals worth over $25 million with Shell and $18 million with Ithaca Energy respectively to signal continued demand.
Valaris also entered offshore wind support services with VALARIS 248, contracted by GE Vernova to undertake a 120-day North Sea project commencing November 2025 and estimated at more than $8 Million in value. VALARIS 122 accommodation extensions add further backlog.
Market and Policy Context
Wood Mackenzie's December Horizons Report for 2025 on 11 December identified megatrends such as UK North Sea fiscal uncertainty leading to value destruction with long-term oil prices projected to average $40 compared to OECD averages of $70 and contrast this with Norwegian stability.
These events demonstrate resilient offshore energy operations, successfully combining oil and gas exploration with emerging renewables support in an atmosphere of global transition dynamics.