Oil fields off of Norway's coastline look good to oil companies searching for new opportunities with the commodity.
Even though oil prices have fallen recently, the higher prices have renewed interest for oil companies in drilling off the Norwegian coastline.
In the latest round of bidding, a record 46 countries participated in the licensing round. That's twice the number of the last round in 2005, when only 19 companies took part in the process.
Norway's oil production in the North Sea fields has been gradually declining since 2000, and now stands at 2.2 million barrels a day in contrast to the over 3 million barrels a day they retrieved 8 years ago.
The new blocks are located north of the current production area.
Announcements on who won the bids will come early or mid-2009, as the commodity continues to attract attention in spite of plunges in the black liguid.
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