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North Energy CEO Erik Karlstrøm. Image courtesy of North Energy.

Norwegian exploration player North Energy said last week it is reviewing its strategic options, including a possible merger, as anemic oil prices squeeze its coffers.

“As of the strategic review, the board will explore options for North Energy both as a stand-alone entity and in combination with others,” it said on December 23.

The company did not disclose if it has received any acquisition offers.

Last week, Norway’s government pushed back an Arctic focused oil and gas licensing round until 2015 as upstreams curb capital spending amid slumping oil prices.

“Although these developments present challenges, it is also evident that they will present attractive opportunities to invest in organic growth initiatives and further exploration assets,” North Energy said.

The company warned the review will not necessarily result in a transaction.