Oil & Gas UK Encouraged by Interest Shown in 27th Offshore Licensing Round

Oil & Gas UK has released the following statement welcoming the Energy Minister’s announcement of 52 production licences awarded in the 27th offshore oil and gas licensing round.

Oonagh Werngren, Oil & Gas UK’s operations director said: “Oil & Gas UK welcomes the Energy Minister’s announcement of a further 52 production licences awarded as part of the 27th offshore oil and gas licensing round. This award demonstrates the strength of interest in the exploration and production of natural resources off the coast of the UK. We are particularly encouraged by the fact that 21 of these licences have been awarded to small independents who are new entrants to the market. This is three times the number of licences granted to independents last year, and highlights the strategic importance of achieving a balance between established operators and newcomers.

Related: UK: Independent Firms Receive Record Number of Oil & Gas Licences

“Improving both the number of wells drilled in the UKCS and improving exploration success rates are key issues for both the industry and government. With the right business environment, there remains a strong future for the North Sea, and it is crucial that companies are encouraged to overcome challenges and continue to capitalise on underexplored areas. Successful exploration and production not only helps to promote security of energy supply but also strengthens the UK’s economy and ever-growing supply chain and the hundreds of thousands jobs it supports.”

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Press Release, December 02, 2013