Norway is ⁠auctioning 70 new ⁠blocks for energy companies to explore for oil and gas in ​its annual licensing round ​as the Nordic nation ⁠seeks to extend the life of its petroleum industry, its government announced Tuesday.

The new blocks include 38 areas in the Barents Sea, 10 areas in the Norwegian Sea and 22 areas in the North Sea, with an application deadline of Sept. 1 and final awards expected ⁠in early ⁠2027.

The annual predefined area (APA) rounds of new offshore exploration acreage are central to Norway's strategy of extending oil and gas production for decades to come, although activity is widely expected to decrease in the coming years.

The Energy ⁠Ministry also said it has approved a development plan from ConocoPhillips and partners to reopen ​the Albuskjell, Vest Ekofisk and Tommeliten Gamma fields ​that were shut in 2019.

The late-life assets still hold some 90 ⁠million-120 ‌million barrels ‌of oil equivalent in natural ⁠gas and condensate, according ‌to the companies.

Investments are expected to total ​19 billion Norwegian crowns ($2.05 ⁠billion), with production to ⁠start in 2028 and run until 2048, ⁠the ministry ​said.