The Petroleum Safety Authority (PSA) Norway has granted Spanish oil company Repsol’s subsidiary, Repsol Norge, a production license extension of two years at the Rev field, according to a press release.
The Rev field is part of production licence 038 C, for which Repsol owns 70% and Petoro the remaining 30%. The production license was previously due to expire on 1 April 2021 but has now been extended to 31 December 2023.
Rev field was discovered in 2001, and the plan for development and operation was approved in 2007. Production started in 2009. The field is located in Block 15/12, approximately four kilometres south of the Varg field in water depths of 90 to 110 metres.
Norway recently announced its intention to offer up to 136 new oil explorations permits in a major new licensing round, with 125 licenses for oil exploration in the Arctic Barents Sea.