Promising new frontier for the North Sea
Twenty four companies have come forward in the latest round of offshore licensing focusing on under-explored areas
The Oil and Gas Authority says twenty four companies have put forward applications in the latest round of offshore licensing.
This is the first round in two decades to focus on under-explored frontier areas.
It follows last year's seismic acquisition programme to idenfity potential new oil and gas fields.
Andy Samuel, Chief Executive of the OGA, said: “Despite the difficult climate, industry has responded strongly to our offer, using analysis and insights to identify new prospects and submit high quality applications on blocks that did not attract interest in recent licensing rounds. This confirms the high remaining potential in the UKCS’ frontier areas.
“Long standing investors continue to seek new acreage and we also welcome the arrival of new entrants. This is encouraging and supports the OGA and MER UK Exploration Board’s joint approach to revitalise exploration. The UK Government funded seismic programmes and the OGA’s ‘Innovate Licence’ were developed through an industry task group and offer a flexible, pragmatic and focused approach to licensing.
“Licences awarded will provide continued opportunities for our world-class service sector to develop technology and expertise, and ultimately, should provide new energy supplies to the UK.”