Norway’s Ministry of Petroleum and Energy announced Sunday it would offer 79 blocks for natural gas and oil drilling to help speed up the hunt for new deposits in the midst of declining production from its North Sea fields. Currently, the country serves as the globe’s fifth-largest oil exporter. Applicants who want to secure one of the blocks have until Nov. 7 to put it their bid. Production licenses will be awarded in the spring.

According to Energy Minister Terje Riis-Johansen, the agency believes opportunities for new activities and discoveries are vital to the welfare of the country’s society. Riis-Johansen also said the 79 blocks served as a solution and boasts an emphasis on concerns surrounding the environment and local fisheries.

The discovery blocks are being offered in conjunction with the 20th licensing venture in Norway’s uncultivated areas. Norway first extended drilling rights in 1965. A year later, the first well was drilled. The discovery of crude, however, did not come until 1969.

According to the ministry, frontier area licensing rounds are hosted every two years. The latest round, however, was delayed for an additional 12 months so officials could evaluate drilling data.

As oil prices have increased significantly in the past year, the desire to locate crude in harder to reach areas is becoming more popular. For example, the ministry said 46 companies participated in nominations last January compared to the 19 that took part in the previous round.

“There’s a great deal of interest because 301 blocks were nominated and a record number of companies made the nominations,” Norwegian Oil Industry Association Spokesman Sigbjoern Aanes, said.

According to the ministry, it opted not to select some of the blocks recommended in the certain areas. The decision was made based on a plan that could ban oil discharges into the Barents Sea during normal operations. While the country sees a need to make up for its dwindling North Sea production by tapping into more of its northern waters, officials said it is also important to keep areas of the Arctic environment protected. In addition to the Barents Sea, the costal areas off Troms and Finnmark and certain Nordland areas were also excluded from the block selections.

“Companies believe there are still resources to be found on the Norwegian continental shelf in areas of the Barents Sea and the Norwegian Sea that haven’t been investigated before,” Aanes said.