Britain’s Oil and Gas Authority on Tuesday launched a licensing round for 1,766 offshore oil and gas blocks in the North Sea to attract investment in under-explored areas of the mature basin which is enjoying a revival of investor interest.
The blocks cover an area of 370,000 square kilometres (142,858 square miles) West of Scotland, the East Shetland Platform, the Mid North Sea High, South West Britain and parts of the English Channel, the OGA said.
“The OGA is opening up large areas of acreage to industry that offer the opportunity for high-impact exploration growth,” OGA Chief Andy Samuel said in a statement.
“The array of measures put in place by the OGA over the last two years, coupled with the UK’s highly attractive fiscal regime and openly-accessible data have laid the foundation for the ongoing revival in exploration activity across all areas of the UK Continental Shelf.” Read More
Latest posts by ET Energy World (see all)
- Oil India second-quarter profit rises over 33 per cent, but misses estimates - November 12, 2018
- Saudi energy minister says no plans to break up OPEC - November 12, 2018
- Power demand will continue to be strong going forward: Satyanarayan Goel, IEX - November 12, 2018